Microbusiness definition included in Ohio Senate’s substitute budget bill

There are a host of public policy issues that continue to be debated at the Ohio Statehouse leading up to a new two-year state budget deal that will need to be in place by the end of June including, but not limited to topics related to Medicaid funding, the opioid epidemic, and school funding.  As the Senate prepares to vote on a budget bill soon, Greater Cleveland Partnership (GCP) members have been vocal and supportive of the state’s current small business tax deduction on the first $250,000 of business income and additional legislation that could help provide the business community with the needed capital to grow via intrastate crowdfunding.

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    In addition, GCP formally supported House Bill 5, language that would ultimately land in the current state budget bill.  The language would create a statutory definition of microbusiness in Ohio.  The proposal defines microbusiness as an independently owned and operated for-profit business entity, including any affiliates, located in Ohio and has fewer than 20 full-time employees or full-time equivalent employees.

    The larger, long-term goal of encouraging and strengthening the smallest of small businesses and providing them with opportunities to prosper going forward is commendable.  While this Ohio initiative simply provides formal recognition of microbusinesses at this time, the GCP also recognizes this act is a first step.  We welcome the opportunity to discuss additional steps that can be reviewed and taken to address specific challenges for microbusinesses. 

    For a copy of our letter to leadership in the Ohio General Assembly on microbusinesses click here. 

    The Senate’s budget bill is scheduled to be on the Senate floor for a vote on June 21.  After that vote, a conference committee will be named and it will have until the end of the month to work through the differences between the House and Senate budget bills.


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    Mobile Technology: Trends and Business Opportunities

    Mobile devices have changed the world in the last few years. Hardware like smart phones and tablets continue to show growing sales and applications for various platforms are exploding too. Hundreds of thousands of apps are on the market and more markets are opening aside from iTunes and Android. Enterprise adoption of these platforms continues to grow as well, along with related enterprise apps. 

    Mobile devices have changed the world in the last few years. Hardware like smart phones and tablets continue to show growing sales and applications for various platforms are exploding too. Hundreds of thousands of apps are on the market and more markets are opening aside from iTunes and Android. Enterprise adoption of these platforms continues to grow as well, along with related enterprise apps. 

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    But where is this market heading? What are current trends and where do they lead? And most importantly, how can your company capitalize? 

    Listen now.


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    Here’s a compilation of some of the best stories to appear on Mind Your Business this month.

    Introducing the “best of” Mind Your Business! In this new regular monthly roundup, we’re looking back and highlighting some of our favorite posts from October. Check out these four stories you might have missed this month (in no particular order).

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    Facebook Shmacebook: 4 Under-the-Radar Social Channels You Need to Start Using Now

    It’s possible you’ve never even heard of these social media platforms, but they could be just what your company needs to build a better, more effective social presence. Check out these four options that may not carry the fame of Facebook, but that are sure to make it easier for your business to stand out.

     

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    Is This Email OK to Open? 9 Warning Signs to Watch

    How many times have you looked at an unread email in your inbox and wondered if it’s safe to open? Would you be able to pick out the characteristics that define emails that might hide a business-crippling virus? You will if you read these nine things to consider when it comes to email safety. 

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    Next up: Month in Review: November 2017

    Month in Review: November 2017

    Here's a selection of four of our favorite Mind Your Business articles from November.

    We’re taking a look back and highlighting some of our favorite Mind Your Business articles from November.

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    Nottingham Spirk: From Working with Family to Keeping the Innovative Fire Burning

    During COSE’s recent Business Growth Boot Camp, Cleveland’s innovation experts from Nottingham Spirk discussed how to maintain innovation over time, working with family and knowing how to keep the motivational fires burning. Check out more about these topic areas addressed by Nottingham Spirk’s Co-Founder and Co-President John Spirk and his son Evan, director of open innovation, and how they have used these innovation tactics to enhance the success of their company.

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    Next up: More on Small Business Tax Reforms in the State Budget

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    Small business owners may have been surprised to read an article in The Plain Dealer Tuesday morning titled “Many small businesses face one-year tax increase under Ohio budget bill”. While we believe the PD piece is factually correct, what may have been easy to miss is that the increase seems to be the result of a drafting error and it does not appear to be the intent of the legislature to raise taxes.  

    More on small business tax reforms in the state budget

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    Small business owners may have been surprised to read an article in The Plain Dealer Tuesday morning titled “Many small businesses face one-year tax increase under Ohio budget bill”. While we believe the PD piece is factually correct, what may have been easy to miss is that the increase seems to be the result of a drafting error and it does not appear to be the intent of the legislature to raise taxes. 

    The state budget that was signed by Governor Kasich on the evening of June 30th called for a flat 3% tax rate on business income above $250,000 – beginning in 2016. The problem is that for 2015, while there is a 75% business income deduction, the budget language applied a 3% flat tax to the remaining taxable income. Therefore, the 3% rate is currently in effect for all taxable business income not exempted.

    We believe this was an oversight in the drafting process of an almost 3,000 page state budget document. We do not believe the legislature or the Governor intended to raise taxes on small businesses this year. And, we are already expressing concern with leadership – on behalf of those that could be impacted – should the legislature choose not to address what many simply believe to have been an error. 

    The good news is that the legislature and Governor have through the end of the year to fix any errors because they can apply changes retroactively.

    Tax code is complicated. COSE acknowledges that “anomalies” can take place when changes are made. We urge the Ohio General Assembly and Governor Kasich to approve language that clarifies this issue so that small business owners don’t face an unexpected tax bill before they’re fully and permanently exempt from paying business income on their first $250,000 in 2016.


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    Next up: Most Anticipated Northeast Ohio Projects

    Most Anticipated Northeast Ohio Projects

    In light of all of the development happening in Northeast Ohio, Mind Your Business recently sat down with several COSE members and asked them to discuss what projects they have on their own personal wish lists and what development gaps might still exist.

    In light of all of the development happening in Northeast Ohio, Mind Your Business recently sat down with several COSE members and asked them to discuss what projects they have on their own personal wish lists and what development gaps might still exist.

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    As part of this discussion, we also asked our expert panel to list what their most anticipated projects are that are actually in the pipeline for the region. Their answers are below.

    Lakefront Development Project 

    Cost: $280 million

    Scope: Vibrant mixed-use neighborhood

    Includes: Apartments, office and retail space, parks and water access space

    University Circle City Center District Project

    Cost: $280 million

    Scope: Mixed-use neighborhood project

    Includes: Residential and housing units, street-level retail space, loft office space, and garage parking

    Opportunity Corridor 

    Cost: $331 million

    Scope: Three-mile boulevard connecting University Circle to East 55th Street, creating a 21st-century employment zone

    Includes: Mobility enhancements, economic resurgence, community re-investment

     

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