Ohio House Okays 2 Percent Income Tax Cut as Part of $75 Billion Budget Bill
The blueprint lays out spending for state programs for two years beginning July 1
A $75 billion state budget containing a 2 percent personal income tax cut and an overhaul of the state's system for funding schools cleared the Ohio House on Wednesday.
The spending blueprint lays out spending for state programs for the two years beginning July 1. It must next clear the Ohio Senate, where hearings have already begun.
The income tax cut would cost the state $380 million in tax revenue over the biennium and is on top of $120 million in reduced taxes brought on by recently passed legislation that aligns Ohio tax code with federal law, according to Republicans who control both chambers of the legislature. Majority Republicans characterized it as an important benefit for Ohioans economically strapped by the past year's global [COVID-19] pandemic.
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