Senate OKs Priorities, State Budget Bill Due Soon


The state legislature has a few days to iron out their final priorities for Ohio's next two years of policy in a multi-billion-dollar spending bill that sets the state budget.  Last week the Ohio Senate passed their version of a proposed FY20-21 budget. A final bill will be presented to the Governor by month’s end and after the Ohio House and Senate conference.

Among the many issues GCP is engaged in, the Senate’s budget bill would require state agencies to review and repeal regulatory restrictions over the course of the next four years, an element of regulatory reform measure Senate Bill 1, legislation which GCP supported.

In addition, the Senate budget maintains language for an Opportunity Zone tax credit, including allowing the transfer of credits and increasing the share of invested assets in zone property from 90% to 100%. An amendment supported by GCP—to create an Opportunity Zone Study Committee to study best implementation practices from other states and impact investment strategies that support more highly distressed rural and urban communities—was not included in the final bill.

After the Governor prescribed no significant tax changes earlier this year, the Ohio Senate recommended an 8% income tax decrease and the Ohio House approved a 6.6 percent income tax cut. That aside, GCP has continually requested state leaders consider the following:

Preserve Ohio’s current small business tax deduction, which is utilized by our members for reinvestment back into their companies, workforces, and communities.  Reducing the deduction for business income, as proposed by the House, by 60% is significant and it would seriously jeopardize future planning and investments.

Maintain the 3% flat tax rate that pass-through businesses pay on earnings over $250,000. Should elected officials choose to eliminate the current rate and increase the tax rate on these Ohio businesses, allowing entrepreneurs an opportunity to plan and budget for it in the future, as outlined in the Senate’s proposal, is absolutely critical. Because most businesses are set up as pass-through entities, they pay taxes on business income at the income tax rate of their individual owners. Ensuring the proper treatment for a variety of business types, expenses, and investments made by business owners—to support the growth of their businesses—is a crucial focus in deliberations on tax policy.

Late last week the House and the Senate named members of the budget bill conference committee. To view a summary document of the Senate’s latest amendments, click here.


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  • Next up: Share Thoughts on Workforce Needs: Take In-Demand Jobs Survey

    Share Thoughts on Workforce Needs: Take In-Demand Jobs Survey

    A new survey tool launched by InnovateOhio and the Governor’s Office of Workforce Transformation will help the State of Ohio direct its spending to train Ohioans for the workforce. Currently, the state’s In-Demand Jobs List—which will utilize survey data—directs the spending of 85% of the Workforce Innovation and Opportunity Act training funds.

    Speaking about the newly launched survey, Lt. Governor Jon Husted stated, “We’ve heard the concerns of business leaders, we’ve built a system that fits their needs, and now we need their help by filling out the survey, so we can invest in developing people with the skills that are most in demand.”

    The survey tool was developed with businesses of all sizes in mind and is open to all registered Ohio businesses, giving both small and large companies the opportunity to have their voice heard. The tool offers a simple user experience and allows businesses to give input on the state’s current and future workforce needs.

    Interested in sharing your perspective in how Ohio prepares people for the workforce? The In-Demand Jobs survey is available now here. The State’s updated In-Demand Jobs List will be published at the end of 2019.

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  • Next up: State Budget Bill Passes; Business Income Deduction Largely Preserved

    State Budget Bill Passes; Business Income Deduction Largely Preserved

    Ohio lawmakers passed the state’s biennial budget Wednesday with bipartisan support. Notably, Ohio’s tax deduction for business income will largely be preserved. The budget deal keeps the first $250,000 of income for limited liability corporations and other business entities tax-free, as well as keeping an existing 3% flat rate on income above that.

    Language will be included that make lobbyists and lawyers ineligible for the deduction. This change is supposedly meant to address one of the primary complaints with the tax deduction—that individuals can form businesses without hiring any employees. 

    The deal also eliminates taxes for people in Ohio’s lowest two tax brackets, while cutting other tax rates by 4%.

    GCP supported:

    • Preserving Ohio’s current small business tax deduction, which is utilized by our members for reinvestment back into their companies, workforces, and communities. 
    • Maintaining the 3% flat tax rate that pass-through businesses pay on earnings over $250,000.

    GCP will continue to track ongoing budget developments that impact our members. 

    The Governor received the budget bill late last night and is expected to sign it, with possible line-item vetoes, today.


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  • Next up: Substitute HB 166: State Budget Process Continues

    Substitute HB 166: State Budget Process Continues


    A temporary Ohio budget extension was recently approved to keep the government open for business.  Ohioans may expect the Ohio General Assembly to vote on a final state budget bill between now and July 17; the lengthy legislation will then be sent to the Governor for his review and approval. 

    Among the many issues GCP is engaged in, the Senate’s budget bill would require state agencies to review and repeal regulatory restrictions over the course of the next four years, an element of regulatory reform measure Senate Bill 1, legislation which GCP supported.

    In addition, the Senate budget maintains language for an Opportunity Zone tax credit, including allowing the transfer of credits and increasing the share of invested assets in zone property from 90% to 100%. An amendment supported by GCP—to create an Opportunity Zone Study Committee to study best implementation practices from other states and impact investment strategies that support more highly distressed rural and urban communities—was not included in the final bill.

    After the Governor prescribed no significant tax changes earlier this year, the Ohio Senate recommended an 8 percent income tax decrease and the Ohio House approved a 6.6 percent income tax cut.  That aside, GCP has continually requested state leaders consider the following when it comes to predictable tax policy entrepreneurs can plan for:

    • Preserve Ohio’s current small business tax deduction, which is utilized by our members for reinvestment back into their companies, workforces, and communities. 
    • Maintain the 3% flat tax rate that pass-through businesses pay on earnings over $250,000.

    To a view a comparison of budget priorities up until this point between the Governor, Ohio Senate, and Ohio House click here.

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  • Next up: The Importance of GCP’s Political Action Committee

    The Importance of GCP’s Political Action Committee


    GCP members are extensively engaged in and understand the importance of our collective linchpin efforts to boost the economic vitality of the region.  The GCP Political Action Committee (GCP PAC) is an important tool to that end.

    Crucial public policy issues in Ohio today include the state budget process, tax and trade policies, the Great Lakes, infrastructure projects, education reform, a predictable regulatory environment, air service, and others.  And, as the political landscape continually evolves it is more important than ever for our business members to have a seat at the table.

    Learn more about the GCP PAC and how you can make a contribution to our shared cause today.


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  • Next up: 10 Can't-Miss Ways to Supercharge Your Content Marketing

    10 Can't-Miss Ways to Supercharge Your Content Marketing

    Couldn’t make it to Content Marketing World? We’ve got you covered! Here are our 10 takeaways from this year’s show.

    Before this year, I was a Content Marketing World newbie. So before attending this year’s CM World conference, I had no idea that everything, and I mean everything is orange—right down to the orange-dyed deviled eggs in the morning and the orange push-ups for dessert. I had no idea that actor Joseph Gordon-Levitt had his own production company (or, in full disclosure, even who he was. But in even fuller disclosure, I have three girls under the age of 10 so if he doesn’t star on the Disney Channel, I’m not going to be familiar). And mostly, I had no idea I could spend 20 intense hours with a bunch of strangers, discussing content marketing of all things, and come out wishing there was another 20 to go.

    The takeaways were endless, but I’ll focus on just the following five:

    Tip No. 1: Build an audience first, then sell them something. In his opening remarks, CM World founder Joe Pulizzi gave the best example of this advice: Star Wars. Creator George Lucas famously negotiated for the exclusive rights to Star Wars merchandise, which has made nearly $20 billion. It wouldn’t be so without that enormous audience of faithful followers.

    Tip No. 2: Know who you are. Identify your secret sauce and how you’re going to get that across to your audience. What sets you apart? What’s your tone? How are you going bring your company’s personality to life?

    Tip. No. 3: Sell the means, not the end. Serta doesn’t sell you a mattress, they sell you a better night’s sleep. Disney doesn’t sell me a vacation, they sell me a week full of family memories. Focus on the end result, the desire fulfilled, of buying your product or service.

    Tip No. 4: Tell all the stories. Every company has stories to tell, and a lot of times they are right under our noses. Talk with as many people as possible. Find the stories that are relatable and change the lens through which people view your company. Once you find these stories, tell them in a variety of ways using different technologies.

    Tip No. 5: Identify your Influencers. And then use them. Maybe they’re your faculty if you work for a university, or the doctors of your hospital, people who sit on your advisory boards or, of course, celebrities (including popular bloggers and vloggers)—anyone who has influence over your target market. Tag them on social media, tweet at them, encourage them to share your posts and tag you back. Create a buzz around your products or services through your influencers and continue to court them all along the way.

    Let’s dig deeper

    Those are some of my overarching takeaways from my experience at CMW. Now, let’s dig a little bit deeper.

    Tip No. 6: Don’t rely on vanity metrics on social media. This seems to be the latest marketing lingo, but it rings true. So what if one of your posts got 357 likes? Did it lead to anyone purchasing, signing up, providing contact info, seeking more info, etc? Building a brand is important, no doubt. But actual engagement is really where it’s at.

    Tip No. 7: Create secret boards on Pinterest for company personas. Pin things you think interest or appeal to these personas, or that just remind you of your personas (colors, textures, activities, quotes, foods, etc). Share the boards with your team and revisit them every so often for inspiration.

     

     

    Tip No. 8: Watch it! Six out of 10 millennials prefer watching a video to reading a newsletter. And we’re all seeking the attention of millennials, right? They are the latest group of consumers, so put some serious thought and effort into making a video!

    Tip No. 9: Caption it! Speaking of videos, did you know 85% of videos on Facebook are watched without sound? Whether it’s that they just don’t care to hear it, or don’t want their coworkers to hear them hearing it, people are foregoing audio. So, make sure your videos are captioned. Not only is it better for SEO and accessibility, but certain words might spark someone’s interest while scrolling through Facebook.

     

    Tip No. 10: Feel it! When writing, start your piece where it gives you goosebumps. Sometimes it’s at “go” and sometimes it’s not. Focus on the kinds of emotions that trigger goosebumps (shock, awe, sympathy and nostalgia) and draw those out in your story.

    As they said in the opening keynote this year, “Marketing is like a race without a finish line.” All marketers want to get there first. But even when you do, you just have to wake up the next morning and do it all over again. So perhaps the best tip is to just get a good night’s sleep. You’re going to need it.

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