Thursday, June 25, 2015

PLF update

"The conference report on House Bill (HB) 64, the state’s two year main operating budget bill, was adopted on a 4-2 party-line vote at about 2:30a.m. this morning.  The Senate is expected to approve the report later today and the House will vote tomorrow.

Rep. Ryan Smith (R-Bidwell), Sen. Scott Oelslager (R-N. Canton), Sen. Bill Coley (R-Liberty Township) and Rep. Kirk Schuring (R-Canton) voted for the report.  Sen. Mike Skindell (D-Lakewood) and Rep. Denise Driehaus (D-Cincinnati) voted against the report.

PLF – The Conference Committee kept the language increasing the PLF percentage to 1.7% of the total General Revenue Fund (GRF).  This is a huge success because anything can happen in Conference Committee.  However, they chose not to include a provision guaranteeing us the actual dollar amounts estimated in the budget documents.

Tax Package – The Conference Committee made a few changes as they worked out the differences between the House and Senate tax proposals.  They kept the 6.3% across the board personal income tax cut and revised the small-business income tax cut and cigarette tax.  Under the revised small business tax cut, business owners would receive a 75-percent income-tax reduction on their first $250,000 of net income for the 2015 tax year.  In tax year 2016, they would pay no state income tax at all on their first $250,000 of income.  Any income beyond $250,000 would be taxed at a flat rate of 3 percent under the budget plan.  As for cigarettes, they reduced the proposed per-pack cigarette tax hike from 40 to 35 cents..."
--Michelle Francis, Director of Government and Legal Services, Ohio Library Council

No comments: