Lang Celebrates National Small Business Week

COLUMBUS - State Senator George Lang (R-West Chester) is celebrating Ohio's growing economy and business-friendly climate during National Business Week (April 30th - May 6th).

"Ohio is continuing to prove itself as a national leader in economic growth, business startups, and attractiveness for large corporations," said Lang, who is Chair of Ohio's Business First Caucus. "From mega projects like the Intel semiconductor facility and Honda's new battery plant, to the over 700,000 new business filings in Ohio since 2019, Ohio is poised to be the most economically competitive state in the nation."

Ohio's Business First Caucus, which is the largest bi-partisan and bicameral caucus in the legislature, has backed some of the largest investments in small businesses and economic growth in state history, chief among them being the Business Income Deduction (BID). Since it was first implemented in 2015, the BID has allowed Ohio resident business owners to deduct the first $250,000 in business income and then caps the tax on subsequent income at 3%.

"This taxing scheme has allowed small businesses to flourish and prosper, keeping more of their revenue in the free market to go toward things like expanding service, hiring employees, and increasing wages," Lang said.

National Small Business Week also comes off the heels of the Ohio Economic Competitiveness Study, conducted by researchers from Miami and Northwood universities. The study is a comprehensive analysis of Ohio's economy measuring the state economy against national and regional competitors.

Researchers concluded that Ohio made major gains in comparison with other states, rising from 24th in 2018 to 13th in 2022 based on the Northwood University Competitiveness Index. The study also found Ohio ranks second of states in the Great Lakes region in terms of economic growth, beating out Michigan, Illinois, and Wisconsin.

"I am convinced that we are on the right trajectory, and while there is much to celebrate, I am committed to continuing our pro-business work," Lang said.

The complete Ohio Economic Competitiveness Study can be found here.