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Ohio Senator Keith Faber
Faber Unveils
$1.7 Billion Net Tax Cut in Biennial Budget Bill
Plan includes nearly $1 billion dollars in new school funding & one
of the largest-ever state investments in higher education
COLUMBUS - The Ohio Senate unveiled its first draft of the state’s
two-year operating budget today, including substantial new funding for
education and more than $1.7 billion in tax relief for hardworking
Ohioans and small business owners.
Among some of the major highlights in the bill, the Senate plan:
Reduces Ohio’s income tax rate by 6.3 percent, saving taxpayers $1.26
billion over the next two years
Eliminates the entire state tax burden on small businesses with income
up to $250,000 and creates an innovative, new flat tax for small
businesses above that income level
Removes a proposed $264 million tax on senior citizens receiving Social
Security benefits
Boosts Ohio’s savings account goal, setting aside nearly $2 billion for
emergencies
Reduces proposed overall Medicaid spending by more than $1 billion
Spends less than any previous state budget plan introduced this year to
date ($1.7 billion below the House plan and $1.1 billion below the
Governor’s plan)
Invests more than $935 million new dollars into students and schools
over the next two years ($351.5 million in FY16 and maintains that
additional funding in FY17 and adds $233 million more)
Freezes college tuition over the biennium for two- and four-year
institutions
Makes the largest state investment in SSI (state share of instruction)
for higher education in eight years
Restores funding for essential services, such as pregnancy care, breast
and cervical cancer screenings for women and provides a significant
boost in police training programs
“This is a balanced budget that invests in Ohio’s priorities, while
still making our tax rate more competitive, saving for emergencies and
putting millions of dollars back into the hands of the people who
earned it,” said Senate President Keith Faber (R-Celina). “We’re
continuing to build on our commitment to fund what matters and return
what isn’t essential.”
The Senate Finance Committee will open hearings on the new budget bill
on Tuesday at 10:30 a.m. Live streaming of the committee is
available on the Senate’s website or at OhioChannel.org.
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