OHIO — The Ohio House of Representatives on Wednesday approved Amended Substitute House Bill 96, the House’s version of the State Operating Budget, with support from State Representative Rodney Creech (R-West Alexandria).
The budget outlines major investments in economic development, education, and property tax relief, including a record $4 billion intended to ease the burden on Ohio property owners.
According to the bill, each school district in the state is also set to receive 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 support the Cleveland Browns’ proposed mixed-use development project.
Under the plan, the bonds would be repaid through income generated by the project.
If the revenue falls short over the 25-year bond period, the state would be reimbursed from a $50 million escrow account, which includes accrued interest.
In terms of property tax relief, the bill introduces a mechanism requiring school districts with more than 30 percent of unspent cash at the end of a fiscal year to redirect those funds back to taxpayers.
According to state data, school district cash reserves have increased from $3.6 billion in 2012 to $10.5 billion in 2024.
In the 2024 fiscal year, 486 traditional school districts carried over cash balances exceeding 30 percent 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,” said Rep. Creech.
“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 now moves to the Ohio Senate for further consideration.
