UPDATE: Senate GOP 2-year Ohio budget proposal includes lower taxes
Ohioans would see lower income taxes and more money for water quality initiatives, local governments and libraries under a two-year state budget proposal introduced Tuesday in the Republican-controlled state Senate.
Unlike the $69 billion proposal approved by the GOP-led House, the Senate version would maintain tax credits for the motion picture industry. The proposal also includes $550 million that Republican Gov. Mike DeWine proposed to boost educational wraparound services , plus $125 million more toward education-related spending, including private-school scholarships and more money for growing school districts whose funding has been capped.
Ohio tax revenue has exceeded projections this fiscal year. Senate President Larry Obhof says lawmakers have factored that cushion into their considerations.
Republicans who lead the Ohio Senate are ready to unveil their proposal for the two-year state budget as lawmakers face a June 30 deadline to get a spending plan signed by the governor.
Senators are expected Tuesday to outline how their version differs from the $69 billion plan approved last month by the GOP-controlled House.
The House plan would reduce state income taxes, raise the minimum salary for teachers, boost spending for foster care, and add $125 million to Republican Gov. Mike DeWine's education proposal . It also would allot $85 million for a water quality initiative and eliminate tax credits for the motion picture industry and for making political contributions.
Ohio tax revenue has exceeded estimates this fiscal year, giving lawmakers a cushion as they debate state spending.