After missing its June 30th deadline for state budget passage over disagreements on tax and other major policy issues, the State Legislature today officially passed its Fiscal Year 2020-2021 state budget. The budget comes on the very day the Legislature’s 17-day interim budget was to run out. Although the House and Senate had made changes to the business income tax deduction in their versions of the bill, the final version leaves unchanged the exemption for the first $250,000 of business income. It also maintains the 3% rate cap above that.
With both the House (75-17) and Senate (29-1) votes complete as of this afternoon, the bill now goes to the Governor for his signature. We are not expecting Gov. DeWine to veto these provisions, so we can consider this a win for ACEC Ohio members!