Ohio’s Business Climate Stimulates Economic Growth and Fosters Economic Development
Ohio’s economy continued its positive growth trend in 2016, driven in large part by the state’s $2 billion budget reserve, strong credit rating and pro-business tax structure.
Several economic indicators reinforce the health of Ohio’s economy. Between 2011 and 2016, private employment in Ohio increased by 450,000 jobs, far outperforming the regional average of 261,000 jobs. In January 2017, the Federal Reserve Bank of Cleveland reported stable production at manufacturing plants, an improving housing market and healthy increases in upstream shale gas activity. Moreover, Ohio’s business-friendly tax climate continues to stimulate company growth, job creation and profitability with the following advantages:
- No corporate income tax
- No tangible personal property tax
- Low commercial activity tax on corporate revenues
Contact us today to learn how Ohio’s business climate can benefit your organization.
Ohio’s Tax Policy About Results, Not Philosophies
Ohio’s economic and business climate continues to receive national accolades, improving more than any other U.S. state. Yet, depending on the source, the growth and success of the state is up for debate. This year, the Tax Foundation’s 2017 State Business Tax Climate Index ranked Ohio 45th in the structure and complexity of our tax system. While this would appear to put Ohio in a negative light, it’s time to set the record straight and tell the story of Ohio’s true tax reality.