Taxation

As the engine of this economy, small business owners should be focusing their time and energy on growing their business and creating jobs - not reporting.  Therefore, it is critical to create a tax structure that is less complex and rewards small business growth and competition.

2011-2012 Legislative Priorities

Minimize Tax Related Compliance Costs and Efforts For Small Business

  • Institute a simplified tax structure that alleviates the costs of paperwork and administrative time involved in compliance efforts

Eliminate Burdensome Tax Requirements That Disproportionately Affect Small Business

  • Repeal the 1099 provision in the Patient Protection and Affordable Care Act
  • Permanently eliminate the self-employment tax on health insurance

Promote Competitive Tax Structures

  • Require that changes to tax law be compared against other regional, state or international tax policies to ensure the region, state and nation remain competitive

Reward Small Business For Job Creation and Investment Initiatives

  • Create and expand tax credits that will incentivize and reward small business for creating jobs, locating their business in abandoned buildings or areas, making investments in their personnel, etc.

Reform The Alternative Minimum Tax (AMT)

  • Index the AMT for inflation to the appropriate income levels it was originally designed to address
  • Allow for the deduction of state and local taxes

Reform the Estate Tax

  • Advocate for a federal estate tax that is permanently set at no more than 35 percent, with a $5 million exemption amount indexed for inflation
  • Reform the state of Ohio's estate tax to mirror the structure of the federal estate tax

  • Bill Name: Comprehensive and Fair Tax Reform Act Bill Number: S. 7

    Summary:

     

    This bill reforms the Federal tax code.

    More Info
    COSE Position:
    Monitor

    Position Description:COSE is monitoring the bill’s progress.

    Updated
    March 17, 2011

  • Bill Name: Job Creation Act of 2011 Bill Number: S. 12

    Summary:

     

    This bill amends the Internal Revenue Code of 1986 to provide additional tax relief for private sector job creation, and for other purposes.

    More Info
    COSE Position:
    Monitor

    Position Description:COSE is monitoring the bill’s progress.

    Updated
    March 17, 2011

  • Bill Name: Restoring America's Competitiveness in Enterprise Act of 2011 Bill Number: S. 85

    Summary:

     

    This bill amends the Internal Revenue Code of 1986 to reduce the maximum rate of tax on the income of corporations to 20 percent.

    More Info
    COSE Position:
    Monitor

    Position Description:COSE is monitoring the bill’s progress.

    Updated
    March 18, 2011

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