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Legislative Update on State Budget Bill Signed June 30th

On the evening of Monday, June 28th, the House and Senate approved the Conference Committee Report on HB 110 (biennial budget) and forwarded the bill on to the Governor.  At 2am this morning, the Governor exercised his veto authority on 14 items in the budget, then signed it into law effective today.  We wanted to share with all of you some of the highlights in the budget that we’ve been following for the Legislative Committee:
The General Assembly also finalized a 3% tax cut, eliminated the state’s highest tax bracket as well as increasing the income minimum at which tax brackets begin. The Legislature also appropriated $250 million for broadband funding and went with the Cupp-Patterson Fair School Funding Plan in terms of school funding (funded just through the biennium in this budget) with a few tweaks.
Several Treasurers have reached out to us for more details on the $150 million in demolition and site revitalization funds.  The budget bill specifically directs these funds to each county for administration, but it is not clear if counties with Land Banks will directly receive these funds.  We reached out to Jim Rokakis and Gus Frangos (Ohio Land Bank Association) and they informed us that they are currently working with the state and the CCAO on developing guidelines for how these funds will be disbursed.  They will be working diligently with these groups to develop these guidelines ASAP and will share them, and any updated information, with us as soon as it is available.

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