H.B. 483

From schools to snakes, turbines to tattoos, and rehab to roller coasters, House Bill 483 covers a lot of ground.

Several amendments are generating heated discussion already.  One major component making headlines is the almost $400 million in tax cuts encompassed in the bill.

These tax cuts come in a variety of forms, including:

  • Small business income tax breaks raise from 50% to 75% of the first $250,000 in income.
  • Exemptions for individuals making up to $80,000 annually increase on returns.
  • Income tax breaks developed last year will hit the 10% max this year instead of next.

The bill did fall short of Governor Kasich’s proposed cap of 5% on the highest tax rate, the top rate is now 5.333% for those making more than $200,000.

Governor Kasich signed mid-biennial review into law on June 16, 2014, just before legislators left for the summer.