Personal Income Tax Rate Reduction Helps LLCs and S-Corps Retain More Profit
Pass-through entities such as S corporations and limited liability corporations (LLCs) are increasingly popular for use by growing businesses, Zaino says, and Ohio's ongoing reductions in personal income tax rates are another factor boosting its competitive positioning relative to other states. Fleeter adds that the personal income tax reductions are also benefitting all unincorporated businesses as well as individual wage earners.
Ohio has long enjoyed a host of benefits that make it an attractive place to locate a business. Centrally located between the East Coast and Midwest, it has access to extensive land, water, and air transportation infrastructure and a world-class higher education system that includes the second-largest campus in the country at The Ohio State University. Companies have long been attracted to Ohio because of its generally low cost of doing business. 'With the changes that have been made to Ohio's business tax structure, businesses now have more reasons to come here than ever before,' Driscoll says.
