OHIO — On Wednesday, the Ohio House of Representatives approved Amended Substitute House Bill 96, the House’s version of the State Operating Budget, with the support of State Representative Rodney Creech (R-West Alexandria).
The budget proposes significant investments in economic development, education, and property tax relief, including a record $4 billion to alleviate the burden on Ohio property owners.
According to the bill, each school district in the state will see an increase in funding during fiscal years 2026 and 2027.
A key component of the budget is the approval of a $600 million bond issuance to fund the Cleveland Browns’ proposed mixed-use development project.
According to the plan, the bonds would be repaid from the project’s income.
If revenue falls short during the 25-year bond period, the state will be reimbursed from a $50 million escrow account that includes accrued interest.
In terms of property tax relief, the bill includes a provision requiring school districts with more than 30% unspent cash at the end of a fiscal year to return those funds to taxpayers.
According to state data, school district cash reserves have grown from $3.6 billion in 2012 to $10.5 billion by 2024.
In the fiscal year 2024, 486 traditional school districts carried cash balances that exceeded 30% of their annual expenditures.
“I was proud to vote on a budget that provides Ohioans billions in property tax relief and invests in the future of our state through economic development and job creation,” Rep. Creech explained.
“It’s important to note that the Browns project is not a handout, it is an investment in our state with a tangible return on investment that does not result in raising taxes.”
House Bill 96 is now headed to the Ohio Senate for further consideration.
