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Guest Column from Representative Richard Adams
Boosting Small
Business Growth in Ohio
Small businesses are the bedrock of our state economy. Each day, we
come into contact with local entrepreneurs when we visit a family-owned
business, call an electrician in our community, or stop by a
neighborhood store after work. These Ohio-based companies and stores
drive our economy and support our families by providing nearly half of
all Ohioans with employment. In so many ways, Ohioans depend on the
revenue generated by these homegrown enterprises, fueling our economic
interests and very often furnishing us with personal income.
With the central role they play in Ohio’s job outlook and economic
well-being, it is crucial that our state government actively support
our network of small businesses. Since the new General Assembly
convened in January, we have strived to create an atmosphere conducive
to the success of Ohio’s small factories, mom-and-pop shops and
family-run stores. Whether they sell us food, provide us with vital
services, or manufacture industrial parts, our small businesses can all
benefit from forward-thinking, innovative legislation that works for
the private sector.
In the past six months, the Ohio House has passed several bills that
champion the needs of small businesses. For instance, Senate Bill 2
establishes the Common Sense Initiative (CSI) Office. Oftentimes,
complex rules issued by state agencies can hinder the operations of a
small business. It can be difficult to remain in compliance with
complicated regulations, and this office will reconcile such problems.
The CSI Office will review these rules to ensure that they do not harm
business operations.
The House has also promoted small business development by passing House
Bill 1, which forms JobsOhio, a not-for-profit entity dedicated to
economic advancement and job creation. This board of leaders is based
in the private sector, giving it a unique perspective on the needs of
small businesses. By becoming more responsive to these needs, JobsOhio
will promote competitiveness in Ohio’s small businesses and contribute
to job growth.
The recently passed state operating budget also contains provisions
that will increase the prosperity of our small businesses. One measure
creates InvestOhio, a tax credit program that will induce greater
investment in Ohio’s companies. An Ohioan who invests in one of our
small businesses will receive a 10 percent tax credit, given that they
retain the investment for at least two years. This program will help to
funnel capital into our local enterprises and spur business expansion.
The budget also does away with Ohio’s estate tax. The “death tax” is
detrimental to small business owners and farmers, who could lose
significant portions of their holdings to pay the tax. Without this tax
starting in 2013, Ohio is more apt to attract out-of-state
entrepreneurs and retain those we have here.
As we move on in this legislative session, I pledge to continue my
support for pro-business legislation. We have made tremendous progress
in the past six months, and I am confident that we can continue with
the same momentum as the year progresses. In fact, in the CNBC rankings
of “America’s Top State for Business,” Ohio jumped 11 spots, the most
of any state. There are so many more ways in which we can help Ohio’s
small businesses grow, and I am eager to see the positive changes in
our state economy and within our own communities.
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