Associated Press
A tax cut for small business-owners has not been claimed as frequently as expected.
Republicans including Gov. John Kasich have promoted the tax deduction as a way to help small businesses expand. Owners could take a 50 percent tax deduction on up to $250,000 of income for 2013. just 379,000 business filers took the tax deduction as of Oct. 19. That’s Ohio, tax cut, small businessroughly half of the 717,000 filers the state’s Department of Taxation anticipated when the Republican-dominated Legislature passed the tax break in June 2013.
Those business filers saved $287 million in income tax. That’s below the $533 million in projected savings. A state taxation spokesman says it’s too early to say why the numbers didn’t match the expectation.