COLUMBUS— Representative Reineke (R-Tiffin) today announced the passage of House Bill 166, legislation creating the operating budget for fiscal years 2020 and 2021. The $69.8 billion budget plan is both responsible and sustainable, focusing on children, schools, business, and health care.


 House Bill 166 provides meaningful tax relief by cutting personal income tax rates by 4 percent across the board and eliminating the personal income tax entirely for those earning less than $21,750. “It’s particularly important that we were able to retain the Business Income Deduction [BID],” said Representative Reineke. “Eliminating this deduction could have cost Ohio’s small businesses over $1 billion according to the NFIB. This is money that these businesses would otherwise use to buy equipment, expand operations, and address their workforce needs.”


 Changes were also made to the collection of sales taxes with regards to online purchases in Ohio. “This important tax reform levels the playing field for Ohio brick-and-mortar businesses in comparison to online companies,” said Representative Reineke. “Prior to this change, our local businesses could not compete with online companies with regards to the price of goods.”


 Amongst other initiatives, the budget establishes new high school graduation requirements beginning with the Class of 2023. These changes will reduce the reliance on testing that current law promotes, allowing for alternative pathways to graduation, thus helping students discover and pursue their purpose. Furthermore, there is a 4% increase in the education fund across the board.


 Ohio has taken the lead in pharmacy benefit manger (PBM) reform by significantly increasing accountability and transparency through the creation of a single, State PBM. This four-year PBM contract is a competitive bid that leverages Medicaid’s purchasing power to ensure patient protection. The bill directs and controls pharmacy costs to help lower pharmacy and health care costs.


 Additional money was allocated for kinship and foster care services in the wake of the opioid epidemic. This allocation will help these straining systems in the state of Ohio.

 
 
 
  
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