State Senator Larry Obhof (R–Medina) today announced that he has introduced Senate Bill 26, which will reduce the filing fees necessary to start a new business in Ohio. Under Obhof’s bill, these costs would be reduced by more than 20 percent.
Senator Obhof’s bill mirrors the language of House Bill 3, which was recently introduced in the Ohio House of Representatives by State Representative Mark Romanchuk (R–Ontario).
“We have made important changes in recent years to improve our state’s economy, including cutting taxes and implementing regulatory reform,” Obhof said. “Senate Bill 26 will build on these reforms by making it less expensive to start up a business in Ohio.”
Senate Bill 26 would reduce Ohio’s current filing fee from $125 to $99. Other states report filing fees as high as $500, and some require additional annual renewal fees. According to the office of Secretary of State, which is responsible for accepting and processing new business filings, this will be Ohio’s first reduction in fees associated with business filings in modern history. Secretary of State Jon Husted has supported the fee reductions, arguing that the change will encourage economic growth and will make Ohio more competitive with other states.
Senator Obhof’s bill would also ensure that Ohio-based companies have access to the appropriate features and information on OhioMeansJobs.com, a statewide database of job openings intended to give Ohioans’ greater access to job opportunities by linking employers and people who are looking for work.
Ohio’s business climate has improved in recent years, with 2014 setting a record of 93,775 new businesses filed with the Secretary of State’s Office – the fifth consecutive year that the state had a record number of new business filings. Ohio’s unemployment rate has fallen from 9.3% in December 2010 to 4.8% in December 2014, and the state’s private sector employers have added more than 280,000 new jobs over that period.
“Ohio has made good strides forward, but we must continue to find ways to improve,” Obhof said. “Senate Bill 26 will help build on the progress we have made.”