Finance / 11.08.2020

Ohio Lawmakers Consider Reducing Small Business Tax Deduction Amid Pandemic Budget Shortfalls

By Stephanie Mercado

Due to the COVID-19 pandemic, Ohio’s estimated state budget will have a $2 billion shortfall for the current fiscal year, according to House Majority Floor Leader Bill Seitz. Representative Seitz suggested dipping into Ohio’s $2.7 billion rainy-day fund and scaling back the small business income tax deduction (SBID). Read more