Senate Approves Small Business Tax Cut, Historic Investment In Education
Senate budget focuses on job growth, economic development
June 06, 2013
 
[ Kevin Bacon Home | Kevin Bacon Press ]
 
 

COLUMBUS — State Senator Kevin Bacon today announced the Ohio Senate approved a state budget that includes a $1.4 billion tax cut for small businesses and makes the largest investment in public education in the last decade. The two-year, $61.8 billion budget also provides funding for state agencies and departments, as well as health and human services for Ohioans in need.

The centerpiece of the Senate’s version of the budget is the small business tax cut, which establishes a 50 percent tax break on the first $750,000 of net income. Small businesses employ roughly half of Ohio’s private-sector workforce and make up nearly 98 percent of all businesses in the state. This change aims to encourage job growth by enabling business owners to invest in their operations and payroll. 

“Small businesses are the backbone of our economy, and allowing them to reinvest their earnings into equipment upgrades and other improvements will help promote job growth and economic development,” Bacon said. “We’ve made a lot of progress in the past two years creating more job opportunities for Ohioans, and this is another step in the right direction.”

The Senate’s plan also increases state aid for K-12 education in Ohio by $717 million over the biennium – the largest such investment in the last decade. This increase supports the educational needs of all Ohio children by spreading resources among more districts, while lowering the number of schools on the “guarantee” by fiscal year 2015. The Senate also added $100 million for the newly created “Straight A Fund,” which provides grants to schools for measures that promote innovation and efficiency. An additional $200 million was added to support services associated with the third-grade reading guarantee, and early childhood education will receive an additional $30 million over the biennium.

Other provisions included by the would permit the Bureau of Workers’ Compensation to adopt plans  to begin prospective payments of workers’ compensation and establish the College Readiness and Access Grant Program to support early college high school initiatives. Members also increased funding for children’s crisis care facilities, added $1 million to fight human trafficking and added $26.5 million to the Clean Ohio Program, which provides for the preservation of greenspaces and rehabilitation of former industrial sites. 

The differences between the Senate- and House-passed versions of the budget will be addressed in a conference committee. Ohio is required to have a balanced budget, and by law it must be signed by July 1 – the start of the new fiscal year.

 
 
 
  
Featured Posts

PHOTO: Bacon Joins Governor For Bill Signing, Strengthening Ohio's Protection Order Laws

 

“In many cases current law does not allow for prosecution of individuals who intentionally avoid and knowingly violate protection orders,” said Bacon. 



 
 

Senator Bacon Seeks To Make Widely Popular Ohio Sales Tax Holiday Permanent

 

"Our primary goal is to provide relief for Ohio families as they prepare their kids for the new school year," said Senator Bacon.



 
 

PHOTO: Lawmakers Introduce Bill Inspired By Reagan Tokes To Strengthen Monitoring Of Violent Offenders

 

“We learned from this tragic situation that changes are needed in our sentencing and electronic monitoring of violent offenders,” said Senator Bacon.



 
 

Helping Families Save On Back-to-School Shopping: The Ohio Sales Tax Holiday Set For August 4-6

 

In the Ohio Senate, we know that Ohio’s families could use some help, and we are committed to easing their burden.