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.