COLUMBUS—State Senator Rob McColley (R-Napoleon) today joined his Senate colleagues in passing Amended Substitute House Bill 166, the state’s two-year operating budget. The Senate voted 29-1 in favor of the conference committee report approved yesterday.
“I’m very proud of the final version of House Bill 166–particularly the tax cuts and regulatory reform provisions that we worked so hard to include. In this budget, we were able to preserve a critical tax deduction for small businesses, which employ more than half of all workers in many counties in Northwest Ohio," stated Senator McColley. "On top of that, we were also able to build on Ohio’s pro-growth policies by implementing a 2-for-1 regulatory reduction requirement, which will only further strengthen our state’s economic climate. Most importantly, we were able to both fund Ohio’s biggest priorities and give all Ohioans a tax cut. This is a testament to the conservative, pro-growth economic policies that have been implemented at the Statehouse, which continue to expand our economy and put more money in the pockets of hard-working Ohioans.”
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:
The new budget plan also builds on the framework of Senate Bill 1, sponsored by Senator McColley, which requires a one in, two out requirement for regulatory reform. Overly burdensome and unnecessary rules are a barrier to new economic investments and job growth in Ohio. Any new rule that is implemented, must come with an extensive review of two old rules that may be outdated or no longer relevant. This helps streamline Ohio’s code and provides consistency and reliability to Ohio’s regulatory framework.
"This budget was passed with strong bipartisan support, as both Republicans and Democrats recognized the need for new investment in key childhood and neighborhood programs. We did this while never forgetting our commitment to the taxpayers, and that we believe it’s your money first, not the government’s money,” said Senate President Larry Obhof (R-Medina). “Ohioans earn their money to take care of their families, not to take care of big government.”
Additional budget highlights include:
Amended Substitute House Bill 166 will now be sent to the Governor for his signature. When signed, the new operating budget will become effective immediately.