Bloomberg Tax
July 16, 2019, 11:19 PM

Massive State Income Tax Cut Seals Ohio GOP Budget Compromise

Alex Ebert
Alex Ebert
Staff Correspondent

An eleventh-hour deal struck by Ohio’s Republican-controlled House, Senate, and Gov. Mike DeWine (R) will slash state income tax rates as part of a budget bill overhauling myriad facets of the state tax code.

The July 16 compromise (H.B. 166), set for a vote in the House and Senate July 17, will reduce annual state income tax revenue by hundreds of millions of dollars through tweaks eliminating the state’s bottom two income tax brackets and clipping the remaining five brackets by 4%.