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Entrepreneurship Students Learn about Ohio’s Tax Laws

Business Administration
State Tax Commissioner and Deputy Director Visit WC Class Ohio is quickly becoming a more and more favorable location for new business start-ups — and the state is hoping some of those it attracts will be young entrepreneurs. Wilmington College students in Dr. Steven Stovall’s Entrepreneurship class Monday (April 6) heard that proclamation from Ohio tax commissioner Joe Testa. (LEFT) Tax Commissioner Joe Testa chats with WC senior Tyler Ahle as deputy director Marjorie Kruse looks on. He, along with deputy director Marjorie Kruse, spoke during a visit to WC about the current climate for business and Gov. John Kasich’s budget proposals that the administration claims would encourage entrepreneurship and small business growth in Ohio. Ohio collected some $26 billion in taxes last year, nearly $10 billion of which was derived from personal income tax. He said Kasich erased an $8 billion biennial budget deficit he inherited upon taking office in 2011 while, at the same time, reduced taxes by $3 billion over the last three years. Testa said Kasich wants to build upon that momentum. The governor’s recently released proposal for a new two-year budget places an emphasis on continuing to drive Ohio’s economic progress — the state’s current unemployment rate is 5.1 percent compared to 9.1 percent in 2011, an additional 340,000 private sector jobs and a lower personal income tax rate the governor proposes be decreased even further. He said Kasich has already helped big business and, this time, is focusing on small businesses and encouraging entrepreneurship. Witness his plan in which the first $2 million in small business revenue is not taxed. To balance lost revenue, Kasich’s proposal calls for such revenue enhancers as raising the cigarette tax, hiking the state’s sales tax and levying higher taxes on fracking operations. “We think that’s where the future is in Ohio — small business,” Testa said. “It’s going to employ people and help the economy. That’s a lot of money staying in the pockets of small business people.”