House Budget Includes 2% Income Tax Cut

The House Finance Committee this week unveiled its $74.7 billion biennial budget (House Bill 110). Included in the FY 2022-23 budget is a 2% across-the-board income tax cut. Other budget highlights include the following:

• Retains the governor’s proposals for $2.5 million to be spent both years on industry sector partnership grants and $8.3 million for the TechCred program;
• $155 million in COVID-19 relief for small businesses;
• $1.8 billion increase in K-12 school funding, phased in over six years;
• $170 million over the biennium to H2Ohio;
• Eliminates the requirement for high school students in the next school year to take a national standardized college admission assessment; and
• Does not include a $50 million ad campaign supported by the governor to encourage people to move to Ohio.

The full House is expected to vote on the budget next week, so it can be sent to the Senate. Under state law, the General Assembly must pass a balanced budget by June 30. 4/14/2021