Ohio Small Businesses Receiving Payback

Governor Kasich of Ohio has begun presenting rebates to businesses in Ohio.  This action was promoted when a Cuyahoga County Common Pleas Court ruled that the Bureau of Workers Compensation( BWC) had improperly gave discounted premiums to employers that joined group-insurance plans while charging higher rates to those not in the group. 

As many as 270,000 employers filed the lawsuit.  Many of them are small business owners.  Approximately $860 million dollars are owed to businesses in Ohio as a result.

The NFIB applauds the effort to repay the money.  They believe that the returned dollars will help stimulate the economy and reinvest in businesses in Ohio.

According to the NFIB, going forward the system of premium collection will be modernized that will lead to a prospective-payment system that would see the BWC issue $900 million in credits to employers.  Additionally, it will also lead to rate reductions of 2 percent for private employers and 4 percent for public employers.

If you’re owed money, your check is in the mail according to BWC.

Sources:
NFIB
CPA Practice Advisor
BWC

By Jack River