COLUMBUS - State Senator George Lang
(R-West Chester) today issued the following statement on the passage of Senate Bill 246 by the Ohio House of Representatives this week:
"At the beginning of this General Assembly, one of my main priorities was to restore tax parity between C-corporations and Ohio's small business community. Due to the Tax Cuts and Jobs Act passed by the federal government in 2017, Ohio taxpayers have been capped on the amount of State and Local Taxes (SALT) that they can deduct on their federal returns.
This has placed an unfair higher tax rate on Ohio's small businesses, who see smaller profit margins and slower growth when compared to C-corporations and other businesses operating in states without an income tax. Senate Bill 246 levels this playing field by allowing these businesses to pay their SALT at the entity level. Business owners who choose this option would also be allowed an income deduction to avoid double taxation.
By passing this bill, we are leveling the playing field for Ohio businesses and allowing them to compete with businesses across the nation."
Senate Bill 246 will now be sent to the Governor for consideration.