Budget Negotiators Agree on $69 Billion Spending Plan
Ohio House and Senate negotiators have reached a deal on a $69 billion two-year spending plan. The plan will be up for a vote Wednesday in the full House and Senate. It comes just in time as the current interim budget expires Wednesday.
A bipartisan committee with representatives and senators hashed out what is expected to be the done deal between the two chambers.
The final budget bill cuts income taxes across the board by 4%, restores the $1.2 billion income tax deduction for small businesses and pass-through entities, but bans lawyers and lobbyists from taking it. It puts a moratorium on any new Academic Distress Commissions to take over failing schools, keeps the motion picture tax credit, and schedules the 2020 Presidential Primary for St. Patrick’s Day.
Both the House and Senate are schedule to hold a full vote on the budget deal just hours before the temporary spending plan expires.