Today, Ohio Governor John Kasich signed Ohio's Biennial Budget Bill, Am. Sub. H.B. 64 (the Budget Bill), into law. The Budget Bill delivers a 6.3% across the board personal income tax cut for all Ohioans, along with broad tax cuts for the owners of small businesses that are phased in over two years. The $1.85 billion of tax cuts are largely funded out of the improving economy and a 35 cents per pack Cigarette Tax increase. While the Governor exercised his line item veto power on several tax related provisions, the major tax provisions borne out of the General Assembly have stayed largely intact.
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