Bill > SB190

This bill would enact the "A Good Deal for Ohio Act" with several key provisions affecting taxes, education, and local government funding. Here's a summary: This bill modifies Ohio's tax code and provides several significant changes. For income taxes, it adjusts the tax rates and business income deductions, with a new three-tier rate structure for individual income taxes that reduces rates in certain income brackets. The bill introduces a new refundable property tax credit for homeowners and renters based on their household resources, with a maximum credit of $1,000 in the first year and annual adjustments for inflation. In education, the bill mandates that public and chartered nonpublic schools provide free breakfast and lunch to all students, regardless of income status. It increases funding to the Local Government Fund from 1.7% to 2% of total state tax revenue and modifies funding for the Low- and Moderate-income Housing Trust Fund, requiring at least $65 million in funding for fiscal year 2025. The legislation also makes several technical changes to tax administration, including repealing certain existing tax provisions related to sales tax holidays, oil and gas severance taxes, and commercial activity taxes. It adjusts how various taxes are calculated, collected, and distributed, and makes modifications to how local governments and special districts receive tax revenues. The bill includes provisions for gradual implementation, with different sections taking effect at different times ranging from immediately after passage to January 1, 2026, depending on the specific provision. The changes aim to provide tax relief, support local governments, and enhance educational and social support programs.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb190