The Ohio House passed House Bill 166 Thursday, its version of the state’s biennial budget. While the bill includes substantial income tax reductions, some groups aren’t pleased with the impact it will have on small businesses. Under the bill, Ohio’s Business Investment Income Deduction would be lowered to $100,000. As of now, small businesses don’t pay taxes on the first $250,000 of income, but that would be lowered to $100,000 under House Bill 166, which passed Thursday in a 85-9 vote. Eight Republicans and one Democrat voted against the budget proposal. “We had some really good debates and good ideas, and I think this budget will make a difference for Ohioans,” House Speaker Larry Householder (R-Glenford) said in a press release. “Some of the ideas we talked about are going to become separate bills in order to build them out a bit more. We’re just getting started.” The Ohio Chamber of Commerce was disappointed the bill passed, saying it “includes a $1.1 billion tax hike on small business owners, reducing their ability to reinvest in their businesses.” The bill “means less money for worker training, increased wages, new technology or equipment, or expanded operations,” the Ohio Chamber said. “Tax…
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