Profit-friendly environment
Ohio's implementation of sweeping business climate reform has eliminated any impediments to business location or expansion in the state. Due to 21st-century reform, Ohio is on track to offer the lowest taxes in the Midwest, after full implementation of tax reform in 2010.
- Phases out corporate income tax
- Eliminates tax on inventory and equipment and machinery investments
- Has a substantially lower personal income tax, reduced by 21 percent
- Exempts sales outside the state from taxation
- Exempts the first $1 million in annual gross receipts
Ohio further protects business interests through recent tort reform limiting liability.
- Caps emotional damage
- Limits punitive damages
- Increases liability protection
Coupled with reform maximizing corporate profits, Ohio also offers attractive development incentives at all levels of government that can make the state even more appealing to business investors. These incentives can even further lower Ohio’s competitive tax rates, facilitating the best possible return on investment during the critical first years of a business location or expansion project.
