COLUMBUS—State Senator Tim Schaffer (R-Lancaster) announced this week that the Senate concurred passage of Senate Bill 26, which included the restoration of a business income deduction (BID) and other tax cuts.
“With the restoration of the BID, this will insure that small business owners can continue to do business in Ohio,” Schaffer said.
As a co-sponsor of the bill, Schaffer worked to remove a provision that blocked the BID for law firms, which created an unfair and questionable constitutional taxing issue and hurt small law practices that rural Ohio is often dependent upon for access to legal representation. The BID exception was created earlier this year in the State of Ohio’s new operating budget that became effective on July 18th, 2019.
Senate Bill 26 also creates an income-tax deduction of up to $250 for teachers to pay for professional development and supplies for their classrooms.
“This teacher tax deduction offers economic relief for our teachers who want to create a positive and effective learning environment for their students” said Schaffer.
Another provision of this bill will make feminine hygiene products and diapers exempt from Ohio’s sales tax. As the House Ways and Means Committee Chairman, Senator Schaffer worked with the original sponsors of the proposal in the last General Assembly to advance the tax exemptions.
Senate Bill 26 has been sent to Governor DeWine’s desk for his signature.
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