Ohio Gives Guidance On New Small Business Tax Cut

Law360, New York (February 12, 2014, 4:02 PM EST) -- The Ohio Department of Taxation released guidelines Wednesday on a new tax break that the regulator said will allow most small businesses in the Buckeye State to claim a 50 percent deduction on the first $250,000 of business income.

The deduction is available to all owners or investors in companies that are structured as pass-through entities, the regulator said. The deduction is effective for business income earned in 2013 and claimed on income tax returns filed in 2014.

Sole proprietorships, partnerships, S corporations and limited liability...
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