Ohio House Panel Passes More than $88 Billion State Operating Budget
Ohio House Panel Passes More than $88 Billion State Operating Budget
Ohio House Panel has passed the state operating budget including a $1 billion tax cut, higher income limits for school vouchers, and a ban on TikTok from government devices.
An Ohio House Panel has passed the state operating budget including a $1 billion tax cut, higher income limits for school vouchers, and a ban on TikTok from government devices.
On Tuesday, the plan to spend more than $88 billion over the subsequent two fiscal years contained in the 5,300-page proposal known as House Bill (HB) 33 passed the House Finance Committee with bipartisan support.
The full Republican-led House is expected to vote on and approve the legislation this week. The Ohio Senate will then consider it. A budget approved by both chambers must be reconciled before being sent to Governor Mike DeWine for approval before the fiscal year’s end on June 30th.
The House budget would increase the threshold at which Ohioans are exempt from paying any income tax from the current $25,000 to their first $26,050 of income.
Additionally, the proposal aims to eliminate a middle-class tax bracket. As a result, Ohioans with lower and middle incomes who earn up to $92,150 per year will pay the same reduced income tax rate of 2.75 percent. According to eFile, currently, Ohio levies income taxes at 2.765 percent on earnings between $25,000 and $44,250 and 3.226 percent on earnings between $44,250 and $88,450.