Ohio conference committee agrees on state budget proposal
(The Center Square) – An Ohio House and Senate conference committee reached agreements late Monday afternoon on school funding, tax relief and broadband expansion in a state budget that was expected to pass the General Assembly late Monday night or early Tuesday morning.
The committee settled on a 3% personal income tax reduction, a percentage higher than the House proposed in its budget but lower than the 5% the Senate wanted.
“At its heart, a budget is about people. It’s about prioritizing spending and investing in what works,” House Finance Committee Chair Scott Oelslager, R-North Canton, said. “This budget is balanced and fiscally responsible. It will improve education, help Ohio keep and create jobs and supports seniors and our most vulnerable citizens and help Ohioans keep more of what they earn. It will have a positive impact on the lives of Ohioans and our state’s future. This is a budget we call be proud of.”
House Democrats tweeted that Rep. Erica Crawley, D-Columbus, called the budget “substantially better” than the original Senate version.
The budget includes the House’s Fair School Funding Plan, which was developed over the past several years. Originally, it called for the potential of $2 billion more for education and was to be phased in over the next six years.
Oelslager called it a historic collaboration that produced a comprehensive funding formula that is rational, predictable and sustainable.
The committee reduced the number of tax brackets from five to four and eliminated the income tax for anyone making less than $25,000 a year. House Republicans said that, along with the 3% tax cut, it will reduce taxes by $2 billion over the next two years.
The budget deal also commits $250 million to broadband expansion grants, which was nearly all eliminated in the Senate budget.
When passed by the General Assembly, the budget will then go to Gov. Mike DeWine. The two-year budget must be in place by Wednesday.
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