- Associated Press - Wednesday, September 30, 2015

COLUMBUS, Ohio (AP) - Ohio lawmakers are continuing to work on a fix to a budget provision that imposes an unintended tax increase on some small businesses.

At issue is a tax deduction contained in the two-year state budget.

The budget allows small business owners to deduct up to 75 percent of their first $250,000 of business income this tax year, then 100 percent in 2016. A 3-percent flat tax is applied on the remaining net business income both years. For some, the rate for this tax year is higher than that paid prior to the budget.

Lawmakers had wanted the flat tax applied on business income over $250,000 and are considering legislation clarifying their intent.

Senate Ways and Means Chairman Bob Peterson said Wednesday that changes to the bill were still being finalized.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide