The Columbus Dispatch is reporting this morning that House and Senate Republicans are set to announce a large income tax cut that will be paid for by the elimination of state support for property tax rollbacks of 12.5% on future levies.
In plain English, it means they have decided to withdraw state support for education, local governments and other local levy collectors, to pay for an income tax cut that no one will really notice. I've posted what each county currently collects in the rollback here.
What is unclear is how many of these current levies are at risk for state revenue losses. If these current levies are renewed, will the districts lose the state rollback support? What about levies that are replaced?
And how will the rollback be eliminated? Will the state no longer do a 12.5% rollback, thus raising everyone's property taxes, but school districts and others will lose no money? Or will it just apply to the state reimbursement, which means school districts and others will be out the money, but property owners will continue to receive the rollback?
Coming a week after claiming to provide an "historic" increase to education that didn't even add up to $750 million, what will this cut equate to?