Low Cost Tax Reform
Lower your cost of doing business with the lowest taxes in the Midwest
Making a commitment to eliminate a burdensome tax system, Ohio in 2005 implemented full-scale, sweeping tax reform. Ohio's new business taxation model will mean a reduction in tax burden of up to 63 percent by 2010, the first year reform is fully implemented. The tax reform substantially lowers the cost of doing business in the state – leading to the lowest taxes in the Midwest by 2010.
Ohio's new taxation system means businesses can:
- Reduce operating costs - no tax on inventory or corporate income
- Enhance productivity - no tax on investments in machinery and equipment
- Attract talent - shrink labor costs through a 21 percent reduction in personal income tax
- Enjoy a level playing field - all companies taxed the same low rate
- Boost return on investment - no tax on product sold to customers outside Ohio
- Reward entrepreneurship - first $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat free
Ohio's favorable business climate and high quality of living, combined with low business and personal costs, make the state an increasingly viable location for business growth.
Ohio Tax Reform: Year 2 in Review
Public and Private Sector leadership is systematically improving the Ohio business climate to make the state the ideal location for companies to compete in the global economy.
Their message is simple "Come to Ohio and grow your business, we won't tax your investment, your machinery and tools, or your profits."
Read what the experts say about how well Ohio's tax reform is delivering in the second year of implementation. Download the Year 2 Tax Report now»
For additional information, please visit the following sites and links:
