Mansfield Times

State Senator Mark Romanchuk has expressed his strong support for the Ohio Senate's approval of a new Biennial Operating Budget. The budget aims to maintain fiscal responsibility while fostering economic growth, particularly in the technology sector.

"It was imperative that we included the fiscal provisions that will keep Ohio's economy growing and poised to become a world-class hub for the technology industry for generations to come," Romanchuk stated. He highlighted achievements such as a flat tax and property tax reform.

Senate President Rob McColley remarked on the significance of the budget: "Our constitutionally balanced budget represents an historic investment in the people of Ohio. Taxes are kitchen table issues for every family, and I'm pleased we completed the mission of substantial property tax and income tax relief."

Senate Finance Chairman Jerry Cirino also commented on the collaborative effort involved in reaching this agreement: "I am very pleased with the professionalism and good faith negotiations with our colleagues in the House."

The budget introduces a 2.75% flat income tax rate effective from tax year 2026, with an immediate reduction of the highest bracket from 3.5% to 3.125% starting in 2025. Those earning $26,050 or less will pay no state income tax.

McColley emphasized the impact of these changes: "The first thing moms and dads see on payday is the often disappointing amount of taxes taken out of their hard work."

Property tax reforms are also part of this budget, aiming to modernize systems and enhance transparency. McColley addressed concerns about rising property taxes: "There is no excuse for retirees who worked hard to pay off their homes to ever have to worry about losing their homes because of skyrocketing property taxes."

Additionally, a plan is set forth to leverage $600 million in unclaimed funds for Brook Park's economic development project, which includes building a domed stadium for the Cleveland Browns.

Chairman Cirino explained this strategy: "We project that the state will actually receive a return on its investment."

In education, nearly $1 billion more is allocated for K-12 public schools, ensuring every district receives at least what they did in FY '21, with many seeing increases.

Higher education sees continued support through five centers focused on civics and government education. These centers receive $34 million over two years.

The overall $60.23 billion budget promises over $1 billion in tax relief while maintaining balance as required by law.