Bloomberg Tax
July 18, 2019, 4:20 PM

Ohio Governor Signs $700 Million Tax Cut in Budget Bill

Alex Ebert
Alex Ebert
Staff Correspondent

Across the board tax cuts totaling an estimated $700 million were signed into law by Ohio Gov. Mike DeWine (R) July 18.

The myriad tax tweaks include elimination of the state’s bottom two income tax brackets and a corresponding 4% percent cut to the remaining five brackets. That will reduce revenue by $340 million in 2020 and $350 million in 2021, the state estimates. The state didn’t have to cut services in order to pay for the cuts because of increasing revenue expectations from the improved U.S. and Ohio economies.

DeWine initially said that it was time to invest ...