Senate Republicans believe government doesn’t create private sector jobs, but it can help create the pro-growth economic environment where that encourages job creation. That’s why we worked hard to balance the state’s budget while reducing the tax burden on the small businesses who drive our economy. We eliminated state income taxes altogether on the first $250,000 of income for small business owners. Above $250,000, filers pay a flat three percent tax rate. As a result, Ohio has become one of the top three job creating states in the nation, setting new records for the number of businesses setting up shop here. In addition to preserving across-the-board tax cuts for every Ohio taxpayer, Senate Republicans recently voted to eliminate Ohio’s two lowest income tax brackets, providing tax relief to those who need it most. We also doubled the amount that you can save tax-free for your child’s college education and voted to make permanent the state’s popular back-to-school Sales Tax Holiday. The Senate also worked on a bipartisan plan to provide much-needed relief to Ohio’s farmers by making long-overdue changes to the state’s formula for valuing agricultural land, as well as authorizing tax credits to incentivize job creation and economic development in rural, underserved areas of the state.
All of this is being done so Ohioans can keep more of what they earn and help spur business owners to create more jobs right here at home.