Every business, no matter large or small, operates within a world of policy, regulations, laws, and long-range planning. The Business Advocacy Committee of the Pickerington Area Chamber is committed to reviewing, developing, and supporting issues that promote a positive, pro-active business environment. The Pickerington Area Chamber is the “Voice for Business” and our purpose is to work with our elected officials to establish regulations and policies that will affect the ability of a business to compete and continue to generate income and jobs that will improve the quality of life in the Pickerington region. We look forward to working with our local, state, and federal representatives on this agenda for stronger, sustainable economic growth – focusing on the success for employers. We thank you for your support and continued engagement in these important endeavors.
On Monday, the PACC Advocacy Committee and Board of Directors of the Chamber agreed to sign a letter to our State Legislators in opposition to HB 166. This Bill contains a $1 Billion Small Business Tax Increase.
HB 166 reduces the state income tax brackets from seven to five and adds an across the board 6.6% reduction for the remaining five brackets. However, for any entrepreneur, small business owner, or farmer with taxable business income, the rate moves from 3% to either 4.294% or 4.667%, which is a 50% tax rate hike, coupled with a reduction of the Business Investment Income Deduction (BIID) from $250,000 of business income to $100,000, these changes add over $1.1 billion in new costs for Ohio businesses.