Ohio House Passes Bipartisan Budget Bill With Income Tax Cuts
The $69 billion budget bill is on its way to the Ohio Senate after an overwhelming majority of Republicans and Democrats approved it in the House. The spending plan includes an income tax cut across the board.
The budget plan, HB166, eliminates income taxes for anyone making less than $22,500 and cut taxes for everyone by 6.6%.
House Speaker Larry Householder (R-Glenford) says they were able to do this by cutting or reducing certain tax breaks, such as the motion picture tax credit and the small business deduction.
“The way that you infuse money back into the economy and the communities is to lower taxes across the board and that’s what we’ve done,” says Householder.
Members on both sides applauded the bill’s increased spending for supportive programs, which included more for early childhood development and foster care.
The bill must be passed and signed by the end of June.