Small business tax cuts hinge on budget approval

June 25 2013

The small business community in Ohio is waiting with bated breath for the outcome of a vote that would create tax cuts across the board for small businesses and personal income taxes. This is part of a newly proposed budget that would implement a 50 percent income tax deduction for small business income that would allow owners to deduct half of the first $750,000 in income for their companies.

According to the Cleveland Plain Dealer, Ohio Governor John Kasich recently spoke at the NFIB Ohio Small Businesses Day activities in the Statehouse and urged small businesses owners to push for his budget to be approved, which must be done by June 30.

"We got another week or 10 days to go. We are fighting like the dickens to make sure that pass through entities and S corps are going to get a very significant tax cut to help you big time," Kasich told the crowd. "I want you to have it for two reasons: First, I want you to invest in your businesses and, second, I want you to hire people. It's not any more complicated than that."

Kasich also spoke about the pitch to expand Medicaid in Ohio. He said it is important for those who need coverage as well as businesses and the state, which are looking to gain a benefit from residents' federal tax dollars.

With small business on the docket, many companies in Ohio could see a change coming soon. In the meantime, organizations should continue to make smart business decisions like partnering with a local business courier service.