Ohio Tax Reform

The Small Business & Entrpreneurship Council released its report and verified that Ohio has the best tax system in the Midwest in terms of the costs of their tax systems on entrepreneurship and small business. The index ranks the states from best to worst and pulls together 16 different tax measures, and combines those into one tax score that allows the 50 states and District of Columbia to be compared and ranked.

Maximize ROI on your next capital investment

Making a commitment to eliminate a burdensome tax system, Ohio in 2005 implemented full-scale, sweeping tax reform.

Ohio's new business taxation model will mean a reduction in tax burden of up to 63 percent by 2010, the first year reform is fully implemented.

Consider the following example:

Ohio's new taxation system mean businesses can:

• Reduce operating costs – No tax on inventory or corporate income
• Enhance productivity – No tax on investments in machinery and equipment
• Attract talent – Shrink labor costs through a 21 percent reduction in personal income tax
• Enjoy a level playing field – All companies taxed the same low rate
• Boost return on investment – No tax on product sold to customers outside Ohio
• Reward entrepreneurship – First $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat fee

Ohio Business Tax Guide 2008

This guide provides answers to many of the tax questions frequently asked by individuals who operate a business or who want to start a business in Ohio. It is particularly designed to assist small, start-up businesses.

This publication is offered as an informational resource to all businesses looking for help in complying with Ohio's state and local tax laws. Each section explains the tax's general provisions, who pays the tax, the tax base and rates, any credits that apply, filing procedures, the primary forms used, and important steps to take if a business is shut down. The information in this guide includes all changes in the law through July 1, 2007. Each section also includes a contact list for further information.

Education Tax Policy Institute Report

We invite you to read the following report from the Education Tax Policy Institute: A Look at the Tax Foundation 2008 Business Tax 'Climate' Index and Why the Findings DON'T Add Up. We believe the facts outlined in the report create a compelling case to why Ohio is an ideal location for capital investment.

Ohio Tax Reform Supporting Documents

For details on Ohio's new tax reform download the following documents:

For additional information, please visit the following sites: