(Marietta, OH) - Governor Kasich has proposed a plan that state representatives are hoping will boost sales and allow small business owners to keep more of their money to expand operations.
Tax breaks for small businesses on a budget that were approved in November took became effective last Monday. Substitute bill 808 provides a 75% exemption in taxes on small businesses for the first $250,000 of income generated in the current tax year. The other 25 percent would be taxed using current graduated tax rates with a 3 percent cap.
The substitute bill was re-drafted due to an oversight in the original legislature which could have caused some business owners to pay more into taxes.
Monday's list of new laws included House Bill 2. That legislation requires charter schools to disclose facility costs, attendance policies, charter contracts, and other details of their operations. Failing charters are now blocked from entering new sponsor contracts without first receiving state approval.
Several other laws went into effect Monday including the allowance of pets to be added into anti-stalking, domestic violence, and temporary protection orders.
Also attached are several laws regarding transportation. Drivers are now allowed in the state of Ohio to give proof of insurance through an electronic device as well as the added option to purchase license plates for the Ohio State Beekeepers Association, Overian Cancer Awareness, and Military Sacrifice.
