COLUMBUS – State Rep. Jena Powell (R-Arcanum) today announced Governor DeWine has signed into law House Bill 110, Ohio’ two-year state budget that provides approximately $2 billion in tax relief.
The bill includes a three percent across the board personal income tax cut. The tax reform plan reduces the number of tax brackets from five to four, and eliminates the income tax for anyone making less than $25,000 per year. Overall, these and other tax changes in the budget reduce taxes $2 billion over the biennium.
“The tax reform plan in the new state budget is a welcomed step forward in providing greater tax relief for Ohioans,” said Powell. “I believe implementing bolder tax cuts will yield even greater results for our state.”
Powell noted that the Ohio legislature has reduced the total number of income tax brackets from nine down to five over the last three state operating budgets.
“Taxes are the People’s money, not the government’s money,” added Powell. “We know individuals can spend better for their communities than government can, and an uncompetitive state personal income tax works against the best interest of our communities.”