COLUMBUS – State Rep. Jennifer Gross (R-West Chester) yesterday voted in support of House Bill 110, Ohio’s two-year operating budget that provides tax relief and supports job creation and retention.
“Investing in essential services, such as economic development and education, while cutting taxes on hardworking Ohioans will keep our state moving forward,” said Gross.
The budget includes a two percent across the board personal income tax cut, which will reduce taxes and withholding amounts by approximately $380 million over the biennium.
Gross highlighted other key provisions:
- Vacating violations of orders by businesses for COVID-19
- Refunding businesses who paid civil or administrative penalties during the COVID-19 state of emergency
- Appropriating $6 million to the Ohio Parenting and Pregnancy Program
- Requiring state agencies to give a preference to American and Ohio products through a competitive bidding process
Gross also applauded a provision that authorizes an income tax deduction for all or a portion of capital gains received by investors in Ohio-based “venture capital operating companies.” This is designed to support economic development efforts by encouraging investment in Ohio while incentivizing long-term employment in the state. It has no fiscal effect on this budget, as it does not take effect until 2026.
In addition, H.B. 110 contains the Fair School Funding Plan, a historic initiative that is the result of collaboration among educators and policymakers for the past three years. The plan begins a six-year phase-in, starting with the 2021-2022 school year and is designed to ensure a hold harmless period during the transition to the new formula.
The budget now heads to the Senate for consideration.