COLUMBUS, Ohio (AP) — Many of Ohio’s nearly three dozen lawyer-legislators — including leaders in both parties — could benefit personally from a small-business tax break that’s been restored to the state budget.
Most law firms are set up as so-called pass-through entities, which pass the tax burden — or benefit — of the organization through to individual owners or partners.
The Republican-led Ohio Senate restored the proposed tax break targeted at small businesses to the two-year spending plan last week. The provision allows individuals to write off 50 percent of their first $750,000 in business income annually.
The Ohio House had stripped the measure out in favor of a statewide 7 percent reduction in Ohio’s personal income tax.
Thirty-two Ohio state lawmakers are lawyers, including heads of all four legislative caucuses.