TAFT PROCLAIMS APRIL 24-30 SMALL BUSINESS WEEK

FOR IMMEDIATE RELEASE
April 27, 2005

Columbus, OH -- Citing the impressive impact small business has on Ohio’s economy, Governor Bob Taft has proclaimed April 24-30, 2005 Small Business Week.

“Small business is an important component of Ohio’s economy, providing good jobs for millions of our citizens,” said Taft. “I applaud the entrepreneurs and small business owners throughout the state for their ingenuity and drive to help Ohio’s economy thrive.”

According to the U.S. Small Business Administration, small businesses represent more than 98 percent of Ohio employers and create the vast majority of new jobs. Ohio’s small businesses employ nearly 48 percent of Ohio’s workforce and report an annual income of more than $21 billion. Taft noted that his administration is continuing to address issues critical to the success of small businesses, including tax reform, rising health care costs and frivolous lawsuits. He also encouraged small businesses to take advantage of beneficial programs through the Ohio Department of Development (ODOD).

“It’s important we continue to provide assistance to Ohio’s small businesses so they will continue to grow and succeed,” said Lieutenant Governor Bruce Johnson, who also serves as Director of the ODOD. “The State is committed to keeping Ohio’s small businesses vibrant and strong.”

Johnson pointed to the Taft Tax Reform Plan as one way in which Ohio is seeking to assist small businesses. The plan includes a 21% personal income tax reduction, which will benefit approximately 300,000 small businesses that file through the personal income tax. In addition, the commercial activities tax, which replaces several onerous business taxes that inhibit investment, exempts the first $1 million in gross receipts from taxation.

The ODOD promotes numerous programs and services for small businesses. These include the Small Business Development Centers and the Minority Contractors and Business Assistance Programs that provide free, confidential, in-depth business consulting to pre-venture, start-up, and existing small business throughout the state. The 1st Stop Business Connection provides free, comprehensive business start-up kits about state-level business regulations as well as licensing and permit requirements. Small business that are high-tech companies may also be eligible for various financial incentives for research, development and commercialization efforts through the Third Frontier program, Governor Taft’s $1.1 billion plan to expand Ohio’s high-tech research capabilities and promote start-up companies to create high-paying jobs for generations to come. For more information on programs for small business, contact the Ohio Department of Development visit www.odod.state.oh.us.