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Budget bill includes 2% income tax cut

Written on Apr 15, 2021

OSCPA staff report 

The House Finance Committee on April 13 unveiled its version of Ohio’s biennial budget, wrapping in the school funding plan from House Bill 1 and including a 2% across-the-board income tax cut, which would put more than $300 million back in taxpayers’ pockets. 

House Bill 110 also appropriates $155 million in COVID-19 relief for small businesses and adds more oversight of the executive branch, including the creation of a Joint Legislative Oversight and Review Committee of Federal COVID Relief Aid and the referral of more spending initiatives by state agencies to the Controlling Board for approval. 

The COVID-19 funding package includes $100 million for restaurants and bars; $25 million for the lodging industry; $20 million for indoor and outdoor entertainment venues; and $10 million for new businesses. 

In addition, the Senate Finance Committee began preliminary budget hearings this week. Meanwhile, the Legislative Service Commission published this comparison of the tax provisions in the bill, and the House released this summary of the overall bill

Hannah News Service contributed to this report.