Although small businesses in Ohio already have no general tax on corporate profits or personal property used in business, life in the Buckeye state will soon get even sweeter.

According to an article on WebCPA.com, Ohio is in the final phase of lowering its business taxes so that small business owners can collect their first $1 million in receipts virtually free of state taxes. In addition, businesses will pay only about $4,000 on the first $5 million in receipts.

Based on a set of previous tax reforms, Ohio is one of only two states with no general tax on either corporate profits or personal property used in business.

“We took a look at the barriers to business from a tax perspective at the state level, and went in and tried to eliminate those barriers that were impeding companies from being globally successful, so any company can look at our state as an advantaged location to serve the world market,” said Ed Burghard, executive director of the Ohio Business Development Coalition.