Includes Landmark $2 Billion in Tax Cuts, Modernized School Funding Formula, Improved Access to Childcare
COLUMBUS—State Senator Kristina Roegner
(R-Hudson) today announced the Senate’s vote to approve Ohio’s biennial budget conference committee report.
Building on the legacy and mission of tax reform, the passage of this legislation includes $1.6 billion in personal income tax cuts – the highest biennial personal income tax cut in state history.
“With a three percent across the board income tax reduction, the elimination of yet another tax bracket, and reducing the marginal tax rate from 4.797 % to 3.99%, all Ohioans will benefit from the tax reduction provisions in this budget, which are the largest in Ohio's history,” said Roegner.
Senate driven tax reform maintained the continued consolidation of tax brackets. Over the last three operating budgets, the General Assembly reduced the total number of income tax brackets from nine, down to five. That work continued in this budget with the Senate consolidating two more brackets, capping the highest marginal rate at 3.9%. These consolidations, and other tax policy revisions, will save Ohioans more than $2 billion.
"The only way to cut government spending is to starve the beast by reducing taxes, and that is what this budget does,” added Roegner.
For more information on the budget approved by both the Ohio Senate and House today, click here