State lawmakers gave final approval Tuesday to legislation that offers an additional $44 million for dozens of Ohio school districts as well as tens of millions more to avert an unexpected tax hike on many small businesses next year.
Gov. John Kasich is expected to sign the measure, which was passed to address issues left over from the state budget passed earlier this year.
Senate Bill 208, which cleared final House and Senate votes on Tuesday, offers money to 75 school districts around the state to help them make up lost revenue from the elimination of the tangible personal property tax, which was assessed on businesses’ inventory and equipment.
The legislation partially restores $90 million in reimbursement funding that Kasich vetoed out of the state budget bill.
In addition, SB 208 corrects a quirk in a tax relief plan included in the state budget that would have inadvertently triggered a one-year tax increase for many small businesses and self-employed workers.
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