ADVOCACY PAYS OFF FOR YOUR BOTTOM LINE In this annual financial impact assessment, learn what the Ohio Chamber’s lobbying efforts at the Statehouse mean to your bottom line. During this 135th General Assembly, your Ohio Chamber of Commerce has both loudly championed legislation to help the business community and fiercely opposed measures that would have hurt businesses and jobs. As always, the Chamber will continue to advocate for and achieve public policy victories that have a lasting positive impact on the state’s economy and residents.
TOTAL BUSINESS SAVINGS $9.546 BILLION
$3,925,000,000 ECONOMIC DEVELOPMENT
$553,200,000 LABOR & INSURANCE
$652,844,359 WORKFORCE DEVELOPMENT
$4,415,600,000 TAX & FINANCE
BUSINESS SAVINGS
$9.546 billion or $1,699 per employee
YOUR RETURN ON INVESTMENT
10 employee = savings of $16,990 25 employees = savings of $42,450 50 employees = savings of $84,950
100 employees = savings of $169,900 200 employees = savings of $339,800 500 employees = savings of $849,500
JobsOhio Extension Language A major initiative the OCC both proposed and facilitated was an amendment to eventually extend JobsOhio’s liquor franchise by 15 years. JobsOhio currently has 15 years remaining on its original 25-year franchise, and this extension will equip JobsOhio with increased capacity to compete for more economic opportunities, longer-term agreements, and more aggressive incentives. Under this language, the state and JobsOhio will now enter into an extension agreement which must then be approved by the State Controlling Board.
Commercial Activity Tax (CAT) Exemptions At the request of Ohio Senate leaders, the OCC was asked to weigh in on their proposal to cut the Commercial Activities Tax (CAT). The OCC suggested an approach, which was ultimately adopted, of a phased exemption from the CAT for taxable gross receipts of $3 million or less in FY24, and taxable gross receipts of $6 million or less in FY25. The exemptions will provide tax relief to all businesses paying the CAT and, when fully implemented, will eliminate the CAT for approximately 90% of all Ohio businesses, or 145,000 of the current 163,000 CAT payers. The Legislative Budget Office projects the exemptions will reduces CAT receipts by about $238 million in FY24 and $460 million in FY25, amounting to $698 million total in CAT tax relief over the biennium.
IMPORTANT NOTES: Business impact calculations are based on fiscal impact estimates of the Legislative Service Commission, independent studies, other available data and research materials, and Ohio Chamber analysis. Business impact per employee is calculated by using the estimated number of employed workers statewide in September 2023 (5,618,992).
Made with FlippingBook - professional solution for displaying marketing and sales documents online