This week, Greater Cleveland Partnership plans to offer testimony on Ohio House Bill 110, the two-year state budget bill, during a Senate Finance Committee meeting. The bill presents a balanced budget approach without any readily apparent tax increases.
GCP is encouraged and grateful that many key provisions are included in it, and our testimony will urge policymakers to consider the Northeast Ohio business community’s support of the following:
- Preserve Ohio’s small business tax deduction on the first $250,000 in business income; we have consistently heard directly from our members that utilize these dollars to reinvest back into their companies and workforce.
- Sustain Ohio’s current commercial activity tax (CAT) rate.
- Support the grant proposals that would aid small businesses, new businesses, bars and restaurants, lodging facilities, and indoor entertainment venues.
- Advance the grants for infrastructure projects.
- Restore the H2Ohio program fully.
- hese partnerships develop and enhance career pathways for workers in specific industries.
In addition, GCP is advocating for the inclusion of the following initiatives in the state budget bill:
- Designate funding for broadband affordability issues in urban areas.
- Create a Small Business Line of Credit (LoC) Pilot Program for small and minority companies that lack access to responsible loan products.
- Refund the Clean Ohio Revitalization Fund for brownfield cleanup.
GCP’s testimony will stress the need for strong economic development tools to bolster support for companies and create the right conditions for recovery. Upon conclusion of Senate budget hearings and a substitute version of the legislation, House Bill 110 will be considered by a conference committee. The agreed-upon version of the budget must be signed by the governor by June 30 for the appropriations to take effect on July 1, 2021.