Rep. Baker applauds bipartisan passage of biennial budget
State Representative Nan Baker applauded the House passage of Amended Substitute House Bill 64, the biennial state budget bill that allocates funding to schools, community projects and government initiatives, as well as providing significant tax relief to all Ohioans and small businesses in the state.
As part of Am. Sub. House Bill 64, Ohioans will see a sizable tax cut totaling $1.2 billion over the biennium with a 6.3 percent across-the-board income tax reduction beginning this year, lowering the top rate to just under 5 percent.
The bill prioritizes small businesses by permanently instituting a 75-percent tax deduction for the first $250,000 in income, ensuring that businesses can grow and create jobs. A commission has also been created in the legislation to discuss further tax reform for the benefit of Ohioans and Ohio businesses.
The House’s budget plan has received support from various business groups and interested parties for its business-friendly tax initiatives. Some of these groups include the Buckeye Institute, Americans for Tax Reform, the Council of Smaller Enterprises, the Ohio Farm Bureau, the Ohio Society of CPAs, the Ohio Manufacturers’ Association, the National Federation of Independent Business/Ohio (NFIB), the Greater Cleveland Partnership, the Ohio Chamber of Commerce and the Ohio Council of Retail Merchants.
On the issue of school funding, Am. Sub. House Bill 64 appropriates $950 million in state-aid – increasing the executive proposal by $270 million. The school funding component of the bill ensures that no school will see a decrease in state funding over the next two years. Additionally, the passed legislation allocates funding to make up for dollars lost because of the TPP and KWH reimbursement phase-out.
“Serving my seventh year as state representative, I am pleased that my colleagues at the Ohio House have continued our focus on jobs by creating a business-friendly environment to retain, create and bring jobs to Ohio,” Baker said. “As chair of the Economic and Workforce Development Committee, our goal is to offer the opportunity for workforce training to learn the skills to obtain a good-paying job.”
Am. Sub. House Bill 64 will now head to the Senate for further consideration.