House Version Of Budget Likely To Include Cutbacks To Big Tax Breaks
The House version of Gov. Mike DeWine’s budget is expected sometime today, and there are big changes coming in it. And the timeline is getting tight, since it has to pass the legislature and be signed by the end of next month.
House Speaker Larry Householder says he wants to trim the income tax deduction that many one-person businesses and partnerships can take on the first $250,000 of their incomes. That’s amounted to more than a billion dollars a year. Householder wants to pull that back to the first $100,000 of income.
And he also wants to look at what he calls special cutouts – breaks that both conservative and liberal groups have called out as potentially costly.
“I think there’s the motion picture tax, an exception for fractional ownership of airplanes – those types of things," Householder said.
Lawmakers had been advised by their economic researchers to cut the spending in DeWine’s budget by 25 percent.
But Householder said this money will go to an income tax cut. And there are also suggestions there could be increased spending toward children and the opioid crisis.