BLOG

    Brixey & Meyer Blog

    Governor DeWine Signs Budget Bill

    Posted by Jeff Kujawa on Jul 19, 2019 10:12:19 AM

    Tax Email Header-2

    After months of negotiations, Governor Mike DeWine signed Ohio's FY 2020-2021 general operating budget, and the following are a few key points that may impact you or your business:

    • Personal income tax rates decrease by 4% reducing the top individual tax rate to roughly 4.8%.
    • Taxpayers with taxable income below $21,750 will no longer pay Ohio tax.
    • The budget maintains the Business Income Deduction at $250,000 and maintains the 3% flat rate on business income in excess of $250,000. Lawyers and lobbyists are no longer eligible for the deduction.  Sorry to our attorney friends.  We didn’t lobby for this provision!
    • The budget invests $15 million each year of the biennium in the TechCred program which is applicable to businesses who provide training to incumbent and prospective employees to earn a micro credential or certificate. More to come on this training reimbursement program.

     

    Check out other blogs published by our tax team:

     

    If you would like to speak to one of our tax specialists for more information, please call: 1 (866) 760-0940, visit our website, or send a note to Miranda.Hawk@brixeyandmeyer.com to setup a time to speak.  

    Topics: brixey and meyer, ohio, Tax, Tax Team, Business Owners, Deductions

    There’s so much to read out there. Where do you start? Start here! We’ve pulled together the latest articles, white papers, case studies and links to the content that matters most.  

    Subscribe to Email Updates

    Recent Posts

    Posts by Topic

    see all