State Rep. Scott Wiggam (R-Wayne County) announces the General Assembly recently passed House Bill 110, known as the two-year state operating budget that was signed into law by the governor earlier today. The legislation highlights include a new school funding reform plan, tax relief, jobs and economic support, and several other initiatives.
“This is a structurally balanced budget that firmly addresses funding on initiatives and projects across our great state,” said Wiggam. “Ohioans will receive tax relief while a new school funding formula is historically handled with this budget package. Another important thing to note, is the significant business relief and job investments included in this plan. This is an investment for the future of our citizens and for the state – I proudly support it.”
The school funding reform plan included in the bill is the result of more than three years of work by educators and policymakers. The Fair School Funding Plan is predictable, sustainable and transparent.
The bill includes a 3 percent across the board personal income tax cut. The tax reform plan reduces the number of tax brackets from five to four, and eliminates the income tax for anyone making less than $25,000 per year. Overall, these and other tax changes in the budget reduce taxes $2 billion over the biennium.
Additionally, the budget bill includes targeted investments to support Ohio jobs, businesses and the economy. This portion of the bill focuses on expanding procurement law to give preference to American and Ohio products. The legislation also focuses on workforce development through a committee to study workforce training and several programs to support employment opportunities.
House Bill 110 also includes a series of provisions in support of law enforcement, firefighters and veterans. Some of the initiatives include funding for training and equipment, support for veterans organizations, and funding for the Ohio Cyber Reserve.
The new budget also entails House Bill 2, which creates the Ohio Residential Broadband Expansion Grant Program and the Ohio Broadband Expansion Program Authority. This initiative includes more than $250 million to support the grants.
The budget plan was recently signed into law earlier today.