|Ohio GOP agreement calls for larger income tax cut|
|Written by ANN SANNER, Associated Press|
|Thursday, 20 June 2013 14:40|
COLUMBUS, Ohio (AP) — Ohio Republican leaders have agreed to a larger statewide income tax cut as part of a package of changes to be included in the budget.
Senate President Keith Faber (FAY'-bur) said Thursday that Ohioans would see a gradual income tax reduction over three years, beginning with an 8.5 percent cut in the first year. The proposal also gives small businesses a break and increases the state sales tax from 5.5 percent to 5.75 percent.
Lawmakers are working to finalize Ohio's next two-year budget. They face a June 30 deadline to pass the almost $62 billion spending plan.
The House and Senate have separate tax proposals that must be reconciled. The Senate dropped a 7 percent statewide income tax reduction passed by the House in favor of small-business exemptions.
Copyright 2013 The Associated Press.
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