Protecting Taxpayers, Reducing Regulatory Red Tape while Making Record New Investments in Childhood Programs
COLUMBUS—State Senator Bob Peterson (R-Washington Court House) today joined Ohio Senate President Larry Obhof (R-Medina) and colleagues in passing Amended Substitute House Bill 166, the state’s two-year operating budget.
"Our job as elected officials is to ensure jobs grow and flourish in the State of Ohio," said Senator Peterson. "I'm proud to say that this bill does that in many ways—such as lowering taxes, reducing regulations and investing in workforce development—to produce a budget that is good for Ohioans and Ohio's future with historic investments in our kids and families."
Budget highlights include:
- Protecting the Health of Ohio’s Natural Resources: Continues to protect the health and viability of Ohio’s lakes and rivers by fully funding the H2Ohio program over the next two years in a comprehensive effort to deal with the challenges faced by Lake Erie and Ohio’s other vital waterways.
- Investing in Ohioans’ Health and Wellbeing: Makes targeted investments in kinship, multi-system youth, and crisis care, providing funding for families caring for children whose parents are struggling with addiction.
- Investing in Education and Career Readiness: Provides increased funding for Ohio’s nationally-recognized libraries and programs that invest in early childhood programs.
- Supporting Our Veterans: Increases funding for various veterans’ organizations, including innovative programs focused on groundbreaking research for brain trauma and other mental health concerns.
- Providing for Vital Community Services: Funding directed to Ohio’s food banks and other vital community service providers, like Boys and Girls Clubs, United Way family stability programs, Ohio Children’s Trust Fund, and the Lead Safe Cleveland Coalition.
The Senate diligently delivered tax reforms totaling $680 million, providing significant tax relief and support to Ohioans and small businesses with the purpose of keeping the state’s economy healthy and growing.
Key elements of the tax reform plan include:
- Eliminating the bottom two-tax brackets to help Ohio’s lower income families.
- Implementing a 4% across the board income tax cut for the remaining five brackets. The Senate’s last two budgets have reduced the overall number of brackets from 9 to 5.
- Protecting the backbone of Ohio’s economy by keeping the existing small business tax deduction framework of exempting the first $250,000 of revenue.
Am. Sub. House Bill 166 will now be sent to the Governor for his signature. When signed, the new operating budget will become effective immediately.