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Ohio House Budget Plan Reduces Income Tax on Low Earners
By: Associated Press
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COLUMBUS, Ohio (AP) – House lawmakers have proposed reducing state income taxes for low- and moderate-income Ohio taxpayers in the latest version of the state budget.
The proposal unveiled in the House Finance Committee Thursday eliminates personal income tax for those earning less than $22,500. The bill would cut the tax by 4.7% for those earning between $22,500 and $88,800.
The plan also lowers a business income deduction from the first $250,000 in income to the first $100,000.
The House bill also adds $125 million on top of Gov. Mike DeWine’s own education proposal in the two-year budget, although an overall school-funding plan is also being debated separately.
A full House vote could come next week following committee approval. The bill would go next to the Senate.