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Faber Praises
$1.75 Billion Tax Cut, Investment in Education
COLUMBUS - Senate President Keith Faber (R-Celina) today announced the
Senate passage of Substitute House Bill 64, the state's two-year budget
proposal with a 23-10 vote. The bill includes substantial new funding
for education and more than $1.75 billion in tax relief for hardworking
Ohioans and small business owners.
"This budget invests in Ohioans," said Faber. "Our continued focus on
fiscal responsibility, sustainability and stability in this budget
gives the people of Ohio opportunities for more tax relief, a stronger
economy, quality and affordable education, and support services for
those who need them most."
The Senate budget includes a number of notable provisions that affect
Faber's district, including:
Ohio Military Facilities Commission: Provides $5 million to help
finance infrastructure improvements for military and defense
installations in the state. This appropriation has the potential to
benefit the Joint Systems Manufacturing Center located in Lima.
Krabbe Disease Testing: Requires every child born on or after July 1,
2016, to undergo testing for Krabbe Disease as long as their parents
have already elected to participate in the Ohio Department of Health's
Newborn Screening Program.
Tri-Star Compact: Gives the Compact authority to levy voters, issue
bonds and seek funding from the Ohio School Facilities Commission,
which will allow for the construction of a centralized STEM-based
education building.
“From protecting newborns to investing in our military infrastructure,
this budget makes our communities stronger," Faber said.
Among the other major highlights in the bill, the Senate-passed budget:
Tax Cuts: Reduces Ohio’s income tax rate by 6.3 percent, returning
$1.26 billion to taxpayers over the next two years, allowing Ohioans
the opportunity to keep more of their hard-earned money.
Small Business Tax Relief: Eliminates the entire state tax burden on
small businesses with income up to $250,000 and creates an innovative,
new 3% flat tax for small businesses above that income level. This
allows small businesses, the backbone of Ohio's economy, the
opportunity to invest back into job creation and infrastructure.
Reduces Spending: Spends less overall than any previous state budget
plan introduced this year to date. It also reduces proposed overall
Medicaid spending by more than $1 billion, giving the state the
opportunity to focus on finding efficiencies and improved patient
outcomes.
Investing in K-12: Invests more than $935 million new dollars into
students and schools over the next two years ($351.5 million in FY16
and maintains that additional funding in FY17 and adds $233 million
more) and holds all districts harmless to FY15 funding amounts. It
provides an opportunity for predictability and sustainability for
school districts, driving additional dollars to low-wealth,
low-capacity districts while ensuring more districts are on the funding
formula. The Senate-passed version of the budget also implements
various testing reform recommendations of the Senate Advisory Committee
on Testing, such as reducing hours of required testing.
Higher Ed Affordability and Support: Makes the largest state investment
in SSI (state share of instruction) for higher education in eight
years. The bill also gives college students and their families the
opportunity for a more affordable college education by instituting a
two-year freeze on tuition rate increases and requiring Ohio’s public
universities and colleges to find ways to reduce student costs by five
percent.
Support for Essential Services: Appropriates $33 million over the
biennium to the Department of Developmental Disabilities' Medicaid
Services to correct unintentional funding reductions from caseload
estimates. It also restores or provides additional funding for
essential services, such as pregnancy care, breast and cervical cancer
screenings for women, foodbank services, various healthcare, arts and
youth programs, all of which give Ohioans opportunities to improve
their lives, health and economic situations.
The bill will now return to the Ohio House of Representatives, where it
is expected to be referred to a conference committee that will
reconcile differences between the House and Senate versions. The Ohio
Constitution requires that the budget be balanced, and by law, the bill
must be signed by the Governor on or before July 1.
The Ohio Channel will begin broadcasting the Conference Committee at
10:00am on Friday, June 19, 2015. To watch the live stream, visit
http://www.ohiochannel.org/.
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