| Two of my top priorities are supporting Ohio manufacturers and lowering costs for Ohio families.
Last week, we announced a bipartisan tax cut deal that does both.
This bipartisan deal is a win-win that:
- Cuts taxes for Ohio parents by expanding the Child Tax Credit. This will help Ohio’s working families keep up with rising costs and ensure that parents’ hard work pays off. 575,000 children in Ohio would benefit from this tax cut.
- Cuts taxes for American companies that invest in research and innovation. Research and development are expensive and are vital for keeping up with global competitors. Fixing these business tax provisions would allow Ohio companies to compete.
- Protects residents of East Palestine from getting hit with a surprise tax bill. Payments East Palestine residents received from Norfolk Southern after last year’s derailment should not be taxed. Ohioans in East Palestine have endured enough. That money from Norfolk Southern is supposed to go toward supporting residents — and they shouldn’t be hit with a huge tax bill for it.
- Helps make housing more affordable. The deal expands the Low-Income Housing Tax Credit. That would mean more developers building homes that Ohioans can actually afford.
All of these provisions are wins for Ohioans. And this deal won’t add to the deficit – it’s all paid for by cracking down on a program that’s had too much fraud.
Now, I’m calling on my colleagues to get this passed into law right away, before tax season, so that Ohio parents and Ohio manufacturers can start saving money. |
