The Ohio House Finance Committee has accepted a substitute version of the state budget, House Bill (HB) 33. The substitute bill continues to recommend funding the Public Library Fund (PLF) at the same level as proposed in the governor’s proposal at 1.70% in permanent law. However, it includes an income tax cut that will have an impact on the state’s General Revenue Fund (GRF) and the PLF.
Chairman Jay Edwards (R-Athens) has stated that income taxes are being cut by about $1 billion. This would have a $17 million dollar impact on the PLF if an amendment is not accepted prior to passage out of the House.
During testimony today at the Statehouse, the OLC is urging the House Finance Committee to hold public libraries harmless from any proposed reductions to the PLF caused by the tax reform changes. We’re asking the House to set the PLF percentage at 1.76% to offset the reduction in state income taxes contained in Sub. HB 33.