Ohio is going to send you a check!

Governor Kasich has endorsed the payment of a dividend to Ohio’s business owners who have paid into the states Workers Compensation system. The dividends will be paid to all private employers and public-taxing districts.

Here are the facts about the checks as we know them now:

1. The business must have paid into the system between July 1, 2011 and June 30, 2012.
2. This represents over 210,000 private employers and public-taxing districts.
3. The dividend should be approximately 56% of the annual premium.
4. Employers must be in active, reinstated, or debtor in possession status as of April 30, 2013.
5. No date has been set for the distribution of these dividends.
6. The funds within the check are taxable for this tax year.

The dividend has been endorsed to be paid due to the fund’s financial stability and conservative management. Under current guidelines, the fund must be between 1.15 and 1.35 mean ratios. The current ration stands at 1.49 and is being distributed back into the pockets for those that paid into the fund.

Ohio has the most improved business climate in the nation according to the annual survey of CEOs by Chief Executive Magazine. Ohio moved up 13 places this year to 22 from 35. Ohio continues to steadily improve, rising from 44 in 2010.

In response to the news, Gov. John R. Kasich issued the following statement:

“It’s great for Ohio workers when the nation’s CEOs see Ohio more and more as one of the best places in the country to do business. It’s incredibly gratifying to see all of our hard work continue to pay off like that. We’re achieving what we set out to do: get Ohio back on track by creating a jobs-friendly climate. We’re not there yet and we’ve got a lot of work still to do, but we’re making real progress and it’s great news for Ohio’s families.”

Chief Executive Magazine’s story and a copy of the survey can be read here.

To find out how to retain this refund within your organization and not pay any taxes on this amount contact ASBC. This will require a retirement plan be in place for your business.

Comments

  1. I just got my check! What a rare and wonderful thing when the government pays you back! If I didn’t already know about this, I’m sure I would have been very suspicious about this check and if there are any strings attached. But thanks to your blog post, I was expecting this check. Thanks!

    • Ohio is really trying to show it is pro business and is putting it money (your tax dollars) back into the pockets of business owners. Glad you received your check and that your business is thriving.

  2. Fantastic!

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