South Ohio News

The Ohio Senate has approved the state's new Biennial Operating Budget, which includes a $1 billion reduction in tax burdens through the implementation of a flat income tax and significant property tax relief. The budget was championed by State Senator Steve Wilson (R-Maineville) and received support from Senate President Rob McColley.

"I'm proud to support this operating budget that is both fiscally responsible and economically substantial for all of Ohio," stated Senator Wilson. He emphasized the importance of the flat state income tax and property tax reforms in supporting citizens across the state.

Senate President McColley remarked, "Our constitutionally balanced budget represents an historic investment in the people of Ohio. Taxes are kitchen table issues for every family, and I'm pleased we completed the mission of substantial property tax and income tax relief."

Negotiations between the Senate and House were described as efficient by Senate Finance Chairman Jerry Cirino. "I am very pleased with the professionalism and good faith negotiations with our colleagues in the House," said Cirino.

The budget introduces a 2.75% flat income tax rate effective from 2026, with immediate reductions in higher brackets starting in 2025. Additionally, those earning $26,050 or less will pay no state income tax.

Addressing property taxes, McColley stated there should be "no excuse for retirees who worked hard to pay off their homes to ever have to worry about losing a home because of skyrocketing property taxes." The budget abolishes new emergency levies while enhancing County Budget Commissions' roles.

Education funding also sees an increase with nearly $1 billion added for K-12 public schools, ensuring all districts receive at least FY '21 levels. Additional funds are allocated based on academic improvements.

Higher education investments include $34 million over two years for five centers promoting intellectual diversity at major universities like Wright State University and Miami University.

The Industrial Commission's budget is set at its lowest since FY 2018-19, focusing on fair resolutions of workers' compensation claims. Meanwhile, employer premiums are reduced by 6% following previous cuts.

Overall, Ohio's $60.23 billion operating budget aims to stimulate economic growth by reducing bureaucracy burdens while maintaining fiscal responsibility as mandated by the Constitution.