Proposed House Budget Offers Some Tax Cuts and an End to Certain Tax Breaks
The two-year state budget proposed by the Ohio House includes some new tax cuts and takes away some tax breaks. It includes $300 million dollars worth of income tax breaks for low to moderate income Ohioans.
House Speaker Larry Householder (R-Glenford) said the current business income deduction will be reduced. Right now, businesses don’t pay taxes on the first $250,000 of income, but he said that will go down to $100,000, making taxes fairer for all Ohioans.
“We shouldn’t try to pick winners and losers. What we should try to do is set a balanced field out there and let people compete in business.”
Householder said it also eliminates tax breaks for things like gold coins and private jets. It will get rid of the motion picture tax credit and the one for contributing to a political campaign. And it proposes changing the sales tax collection process for online retailers like Amazon and Wayfair and ride sharing services like Lyft and Uber.