50% Tax Cut For Most Ohio Small Businesses Effective Now

Owners of (and investors in) Ohio businesses structured as pass-through entities (PTEs) qualify for this new tax cut. PTEs are not taxed as a business by the federal or state government.  Instead those owners/investors receiving income from the business pay federal and state personal income taxes on that income.  PTEs include: sole proprietorships, partnerships, Subchapter S corporations (S-corps) and Limited Liability Companies (LLCs).
Because your business is very likely to qualify for this new tax cut, this should be welcome news to you.
For more information on this tax cut, please contact the Ohio Department of Taxation at
1-800-282-1780 or visit their website at www.tax.ohio.gov

Who Qualifies:
Owners of and investors in Ohio businesses structured as pass-through entities (PTEs). PTEs are not taxed as a business by the federal or state government, instead those owners/investors receiving income from the business pay federal and state personal income taxes on that income.  PTEs include: sole proprietorships, partnerships, Subchapter S corporations (S-corps) and Limited Liability Companies (LLCs).
Who Doesn’t Qualify: 
C Corporations.
·         18.5% of legal firms are C Corps
·         32.5% of architectural/engineering firms are C Corps
·         13.5% of real estate brokerage firms are C Corps
·         18.9% of accountants / tax preparation companies are C Corps
                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Help Us Help You:
Ohio’s Common Sense Initiative is reviewing Ohio’s regulatory system to eliminate excessive and duplicative rules that stand in the way of job creation. The program, started by Gov. Kasich in 2011, works each and every day to help make Ohio a jobs and business-friendly state because we know that excessive, burdensome and costly business regulations can put Ohioans out of work. Results show that comprehensive regulatory reform is helping revive Ohio’s economy and create jobs by generating a more jobs-friendly environment, but we still need your help.

Please visit our website, www.governor.ohio.gov/csi, and sign up for periodic updates about the progress and success of CSI Ohio. Or, simply email us at CSIOhio@governor.ohio.gov with your common sense solutions for cutting government red tape. We look forward to hearing from you.