Legislation to clarify and correct the small business deduction on a retroactive basis is getting close to becoming law. HB 334 was amended into SB 8 (which contains many other items) which was passed unanimously by the Senate Ways & Means Committee yesterday. The bill then went to the full Senate where it again was passed unanimously. The only thing required now is for Governor Kasich to sign SB 8 into law. If Governor Kasich takes no action on SB 8, it becomes law in 10 days.
There were many legislators, tax professionals and business owners who played a role in getting the small business deduction legislation to this point. Of special note is Cynthia Clay Thomas, owner of Carlisle Plastics Company. Cynthia testified in both the House and Senate, worked with legislators in both the House and Senate, and been a real champion for Ohio small business. Way to go Cindy!
If you would like more information about the Ohio small business deduction or the recent retroactive corrective legislation, please contact me at Jsenney@pselaw.com or 937-233-1130.