The Ohio Senate Finance Committee introduced their 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 both the Governor’s proposal and the House proposal at 1.70% in permanent law.
The following is a brief summary of what is included in the new substitute bill:
- Keeps the PLF percentage at 1.70% in permanent law. Estimates the PLF distribution at $505 million in FY 2024 and $530 million in FY 2025.
- Includes a two-year income tax reduction by reducing the number of personal income tax brackets to two: one at 2.75% and the other at 3.5%.
- Proposes expanding the back-to-school sales tax holiday lasting for two weeks in August and includes language to reimburse the PLF for any lost revenue.
- Restores language allowing the option for replacement levies.
- Keeps the House language increasing the competitive bidding threshold for libraries from $50,000 to $75,000 and includes a 3% annual increase thereafter.
For additional information, questions, or concerns, please contact Jay Smith, OLC Director of Government and Legal Services at email@example.com or 614-410-8092 x103.