STATEHOUSE - 

The Ohio Senate today gave its approval to several components of the mid biennium review initiatives designed to provide various updates to the state’s two-year budget proposal as well as various other policy improvements.
 
House Bill 483, the cornerstone of the mid-biennium review proposals, was amended by the Senate Finance Committee to include additional tax relief for Ohioans and small businesses within the Buckeye State. Specifically, the legislation speeds up the implementation of the gradual 10 percent income tax cut approved by the General Assembly last year to ensure the full 10 percent cut is realized in tax year 2014.
 
The legislation also increases the previously approved 50 percent tax cut for small businesses on the first $250,000 of income to 75 percent for tax year 2014. This additional, temporary rate cut will save Ohio businesses $228 million.
 
“This is a bill that cuts taxes for Ohio’s lower and middle classes while reducing overall spending in order to create a more streamlined and robust plan for the remaining budget period,” said Senator Scott Oelslager (R–North Canton), who serves as the Chairman of the Senate Standing Committee on Finance.

“Over the past three years, we’ve streamlined government, reduced our taxes, and proven that Ohio is strong and open for business,” added President Faber. “Just last week, our state’s unemployment rating dropped to its lowest level in six years, which serves as proof that we are on the right track. Our tough decisions have achieved results for hard working Ohioans.”
 
House Bill 283 also increases Ohio’s nonrefundable earned income tax credit for low income Ohioans from the five percent percent federal credit to 10 percent while increasing the income tax personal exemptions for Ohioans making less than $80,000 per year. These changes are expected to save Ohioans approximately $80 million each year.
 
House Bill 483 will eventually be referred to a conference committee made up of members of both the Ohio House and Ohio Senate to reconcile the two versions of the legislation before presenting the final bill to the Governor for his consideration.

 
 
 
  
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