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Guest Column from State Representative Andy Thompson: Ohio's Business Climate is on the Rise

August 19, 2016
Republican Newsroom

One of the most important tasks a legislature can accomplish is to promote security for its citizens. Among these tasks, job security always proves to be at the top of the list. In order for our state to prosper, Ohioans must be afforded the opportunity to contribute to our workforce, making our state a better place to work and live.

As a small business owner myself, I bring a small business mindset to every issue we confront in our legislative work. One such piece of legislation that the Ohio House passed last year was House Bill 3. House Bill 3 became effective in the fall of 2015 and initiated a 21 percent cost reduction for new business owners when filing to establish a business entity within the state.

By reducing the filing fee from $129 to $99, entrepreneurs will now be provided the opportunity for a better start and, ultimately, a better opportunity to thrive in Ohio. Reducing business filing fees is certainly a step in the right direction to promote business and economic growth within our state.

Additionally, the Ohio House has worked tirelessly to enact significant tax cuts for all Ohioans, and more specifically, for Ohio small businesses. I was proud to vote for these measures that not only reduce the income tax for Ohioans across the board, but also put in place one of the largest tax cuts for Ohio small businesses in our state’s history.

For Fiscal Year 2016, Ohio small business owners can now expect to see a 75 percent deduction for their first $250,000 in profit, with the deduction increasing to 100 percent in subsequent years. The tax cuts also guarantee that businesses will pay no more than a 3 percent flat tax for any profits exceeding $250,000.

As a staunch supporter of Ohio’s small business sector, I look forward to continuing to support policies that reduce the tax and regulatory burden on small businesses so they have the flexibility to thrive and create more jobs.

Providing a better place for Ohioans to work, live, and raise a family has been a top priority of mine since starting as your state representative. I will continue to work tirelessly for the constituents of the 95th House District, and I am happy that southeast Ohio has been making significant improvements toward a more business friendly climate.