State Senator Larry Obhof (R-Medina) today announced the passage of the conference committee report for House Bill 64, the state’s two-year operating budget. The bill provides relief to Ohio taxpayers – cutting taxes by more than $1.5 billion – while making significant investments in both K-12 and higher education.
”This budget will keep Ohio on the path to economic growth and job opportunities,” said Obhof. “House Bill 64 lets hard-working Ohioans keep more of their tax dollars, while investing in important areas like education.”
The bill provides significant tax relief and support to Ohioans and small businesses with the purpose of keeping the state’s economy healthy and growing. HB 64 includes an across-the-board 6.3 percent income tax cut for all Ohioans. The bill also makes important tax changes for small businesses, including a flat tax of three percent on income above $250,000.
The proposal, which will become law with the Governor’s signature, also provides much needed sustainability and solvency to the state’s K-12 school funding formula, investing an additional $900 million dollars over the next two years. Based largely on the current formula, this budget ensures that no school district loses funding and drives additional dollars to low-wealth, low-capacity districts.
House Bill 64 also makes college more affordable and accessible. The bill increases the state’s “share of instruction” in higher education while requiring a two-year tuition freeze.
The conference committee report now awaits a vote in the House on Friday, June 26, before moving to the Governor for his signature. The bill must be signed into law before July 1, 2015.