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Small Business Tax Bill Poised For Final Votes
By: Associated Press
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COLUMBUS, Ohio (AP) – An Ohio bill that seeks to avert an unintended tax increase on some small businesses is poised to see its final votes.
The Ohio House is slated to consider the budget-correcting measure this afternoon (Tuesday). The Senate, which passed an earlier version, also could give its sign off.
Supporters say the small business tax revisions ensure that no taxpayer will pay a higher marginal tax rate on business income for the 2015 taxable year than he or she otherwise would have paid if the budget hadn’t been enacted.
The proposal also seeks to restore some money that schools lost in a tax change vetoed from the budget by Gov. John Kasich (KAY’-sik). Schools affected by the lost tangible personal property tax reimbursement could see an estimated $44 million.