9/13/06 General Assembly to Vote on Accelerating Income Tax Cuts
The Ohio General Assembly has announced that it will vote on accelerating the state income tax cuts that were included in the current state biennium budget bill. This will not impact the LLGSF distribution for two reasons: (1) currently the LLGSF is frozen, and so each county will receive through the LLGSF each month the same amount received last year; and (2) the freeze language in the biennium budget bill states that the LLGSF will get the freeze amount or the 5.7% in permanent law, whichever is less. Even with the proposed acceleration of the income tax cut, income tax revenues are sufficient to keep the LLGSF at the freeze level, and not require libraries to return funds. The OLC has had these figures verified by both the Ohio Department of Taxation and Levin/Driscoll.
