COLUMBUS - 

State Representative Robert Sprague (R-Findlay) applauded the Ohio House’s passage of legislation that would help produce further income tax cuts for Ohioans.


“House Bill 23 lays the groundwork for continuing our efforts to cut income taxes for all Ohioans,” said Representative Sprague. “Over the past four years, we have been able to cut income taxes by almost $3 billion, and the House is attempting to make another $1.2 billion in income tax reductions under the House-passed version of the proposed operating budget. Under the House-passed operating budget, the top income tax rate is at its lowest since the early eighties.”


House Bill 23 includes three key provisions. First, it helps to implement a tax reduction provision that was recently enacted by the General Assembly, scheduled to take effect on July 1st. It prohibits tax revenues collected from remote sellers (online and catalog retailers) from being credited to the Income Tax Relief Fund (ITRF) until Congress enacts the “Marketplace Fairness Act.” That federal legislation enables states to compel remote sellers to collect the tax.


Second, the legislation directs revenues raised via the lease and production of oil and natural gas on state-owned lands into various funds. One-third of this income is directed to the ITRF for cutting income taxes on Ohioans; one-third goes to a new Local Royalty Fund to provide funding for local government bodies in which the leased parcels of land are located for the use of capital improvements; and one-third goes to funds in which nearly all such funds are collected, which largely go toward paying capital costs and renovations and repairs.


Finally, HB 23 lays the groundwork to secure future permanent cuts to the state’s income tax. Every six months, the Director of the Office of Budget and Management would inform the General Assembly as to when ITRF funds could be converted to permanent income tax cuts by legislative action.


The bill now heads to the Ohio Senate for further consideration.

 
 
 
  
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