COLUMBUS, Ohio (AP) - A tax cut for small business-owners has not been claimed as frequently as expected.
COLUMBUS, Ohio (AP) — A tax cut for small business-owners has not been claimed as frequently as expected.
Republicans including Gov. John Kasich (KAY'-sik) 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.
The Columbus Dispatch reports (http://bit.ly/12sKGkZ ) that just 379,000 business filers took the tax deduction as of Oct. 19. That's roughly 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.
The newspaper reports that 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.