Kasich Unveils Fiscal Year 2014-2015 Budget
Updated: Monday, February 4 2013, 08:21 PM EST
COLUMBUS (AP) -- Ohio Gov. John Kasich has proposed a sweeping budget that reduces state income and small-business taxes through hikes in other areas, boosts school funding and expands Medicaid.
The Republican governor's plan was unveiled Monday.
The $63.1 billion, two-year budget incorporates a significant rewrite of Ohio's tax code that he says reflects the state's shift from a manufacturing to service economy.
It reduces the tax rate on most small businesses by 50 percent, cuts the income tax rate statewide by 20 percent over three years, and lowers the sales tax rate from 5.5 percent to 5 percent while imposing the tax on more services.
The plan also incorporates the governor's education funding overhaul outlined last week, which delivers $1.2 billion in additional funding to districts over the biennium.
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