State Senator Larry Obhof (R–Medina) today announced the passage of Senate Bill 26, which will reduce the filing fees necessary to start a new business in Ohio. Under the bill, these costs would be reduced by more than 20 percent.
Senate Bill 26 would reduce Ohio’s current filing fee from $125 to $99. In other states, filing fees can be 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 new business filings in modern history.
“Senate Bill 26 will make it less expensive to start up a business in Ohio,” Obhof said. “These changes will complement some of the key reforms – such as cutting taxes and implementing regulatory reform – that have improved Ohio’s business climate over the past four years.”
Secretary of State Jon Husted has also supported the fee reductions, arguing that the change will encourage economic growth and will make Ohio more competitive with other states. The fee reductions will apply to a wide range of new businesses, including limited liability companies, partnerships, and both for-profit and non-profit corporations.
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.
Senate Bill 26 will now proceed to the House of Representatives for further consideration.
The Ohio Senate also voted Wednesday for passage of House Bill 19, which will conform Ohio’s tax code with recent changes to the federal tax code. These changes will save taxpayers nearly $22 million in fiscal year 2015 and may help prevent complications when Ohioans file their tax returns. Senator Obhof co-sponsored this bill as well.
House Bill 19 will now go to the Governor for his approval and signature.