In Ohio, small businesses are anything but small. As state Senator Keith Faber writes, small business owners make up a whopping 98 percent of all employers in the Buckeye State, are responsible for hiring half of Ohio’s private workforce and create three-quarters of all new jobs produced in the state every year. Suffice to say, small business owners and entrepreneurs are the lifeblood of Ohio’s economy and will only continue to be thanks to a range of new legislative decisions that have made the state even more hospitable to ambitious, hard-working Ohioans.
As we previously shared with you, the new state budget provides for a 75 percent tax break on the first $250,000 of a small business owner’s net income for the current tax year. On top of that, the 2016 tax year would eliminate any state income tax on that same first $250,000 of net income. Beyond that figure, small business owners would only be required to pay a flat tax rate of 3 percent.
Small business owners make up a whopping 98 percent of all employers in the Buckeye State.
But that’s not all. As Faber points out, the Ohio legislature has taken another significant step in creating a thriving environment for entrepreneurs by allowing for expanded access to OhioMeansJobs.com. The website provides a one-stop location for employers “to post jobs, search resumes, learn about hiring veterans and disabled individuals and access a sizeable list of federal and state employment programs.”
“By connecting small businesses to resources they need to hire skilled employees, we play a critical role in bridging the gap between talent and opportunity,” writes Faber. “From financial and technical assistance to job creation, resources abound for small businesses looking for a competitive edge.”
If you’re a local entrepreneur looking for an Ohio SBA loan to expand your business and generate more jobs for local residents, contact Growth Capital Corp. today!
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