After months of discussion and debate and several days of lingering questions, the state has a new two-year, $62 billion budget.
The budget includes a gradual income tax cut over three years for everyone, a 50 percent income tax cut for small businesses, an increase in the state sales tax along with an expansion to digital downloads and magazine subscriptions, and some property tax changes. Gov. John Kasich said he was pleased with it, though it didn’t include his proposed Medicaid expansion.
The only thing that’s left for the state budget is a signature from Governor John Kasich. A signing ceremony is scheduled for Sunday night.
Though the budget that passed the House and Senate is markedly different than the one he proposed in February, Gov. John Kasich says he’s happy with it. But he says the phased in income tax cuts of 8.5%, 9% and 10%, and the 50% tax cut for small businesses, along with the increase of the state sales tax to 5.75% aren’t enough.