Findlay Times

Senator Bill Reineke has expressed his approval of Ohio's newly passed Biennium Operating Budget, emphasizing its commitment to fiscal responsibility and significant investments in the state. "This budget represents a historic investment in the great state and people of Ohio," he stated, highlighting efforts to balance the budget while achieving substantial income tax relief.

The new budget introduces a flat income tax rate aimed at reducing the financial burden on Ohioans. By 2026, a 2.75% flat rate will be implemented, with an immediate reduction for 2025 from 3.5% to 3.125%. President McColley remarked on this achievement: "I'm proud of the progress we have been able to make over the last decade by reducing the overall number of income tax brackets from nine down to two." Notably, individuals earning $26,050 or less will not owe any state income tax.

In education, an additional $650 million has been allocated to K-12 public schools. The budget ensures that every district receives at least what they did in FY '21, with many districts seeing increased funding compared to FY '25 levels. Districts showing significant improvement or receiving high ratings from the Department of Education and Workforce are set to receive further aid.

House Bill 96 introduces several initiatives including the OhioSee Program, which allocates $50 million for comprehensive eye exams and glasses for students over two years. It also creates grant opportunities for school safety training and bus safety programs. An amendment within the budget aims to prohibit student use of cell phones during school hours.

To address housing shortages, the budget boosts investments by $100 million towards housing developments in metropolitan areas through Residential Economic Development Districts (REDD) and establishes a revolving loan fund for rural infrastructure and housing construction projects.

Efforts to revitalize economically depressed communities include increasing tax credits for investments in opportunity zones from $25 million to $50 million. Senator Reineke commented on this development: "The increased tax credit for investment in opportunity zones will bring important projects to many areas of our state." Additionally, House Bill 96 channels $200 million into brownfield remediation for economic development purposes.

Other provisions include a permanent increase in annual caps on Historic Housing Rehabilitation tax credits and ongoing improvements across Ohio’s state parks.