Ohio Budget Includes $600M Browns Stadium, Major Tax Cuts

Ohio's new two-year budget plan includes a significant tax cut that eliminates the state's top income tax bracket, resulting in a flat tax rate of 2.75% for earners above $26,051, which amounts to an estimated $1.14 billion reduction in revenue. The budget also allocates $600 million from the state's $3.7 billion in unclaimed funds to fund a new Cleveland Browns domed stadium and a mixed-use entertainment district in Brook Park, with additional safeguards such as escrow and lines of credit to protect the state’s investment. This funding approach replaces earlier proposals involving bonds and proposed increases in sports gaming taxes. Lawmakers have reached a compromise to maintain House priorities while rescinding various small tax exemptions and shifting monies within state funds to balance the budget. The budget awaits final votes and the signature or potential line-item vetoes from Governor Mike DeWine before the June 30 deadline. The plan reflects a GOP-driven agenda to cut taxes and invest in high-profile infrastructure projects while drawing on unclaimed property funds in a novel way.