Modify the earned income tax credit; increase the minimum wage
Impact
The bill's provisions would have significant implications for state labor laws, particularly in enhancing the financial security of low-income workers through the increased minimum wage and refined earned income tax credit. Supporters argue that these alterations would provide essential relief and support to working families who are struggling to make ends meet. Moreover, ensuring that no political subdivisions can enact a minimum wage lower than the state-mandated amount aims to create a more uniform labor standard across Ohio, thereby preventing inconsistencies at local levels.
Summary
SB256 is a legislative proposal introduced in the 135th General Assembly aiming to amend various sections of the Ohio Revised Code, specifically those that regulate the minimum wage and earned income tax credit. This bill not only seeks to modify the existing framework surrounding the state's earned income tax credit but also proposes incremental increases in the state minimum wage. Under this proposal, the minimum wage would rise to $12 per hour starting in 2025, with scheduled increases reaching $15 per hour by 2028. The intention behind these changes is to ensure that workers receive a fair wage that aligns with the cost of living and inflation adjustments over time.
Contention
However, the bill is not without its criticisms. Detractors raise concerns about potential repercussions for small businesses, arguing that the mandated wage increases could strain their financial resources, thus impacting employment levels and job creation. Additionally, debates are anticipated around how the increase in earned income tax credit might necessitate adjustments in the state budget or tax adjustments that could affect fiscal priorities elsewhere. Stakeholders on both sides of the issue expect rigorous discussions as the bill moves through the legislative process, reflecting a broader conversation about workers' rights and economic viability in Ohio.
Provides corporation business tax credits and gross income tax credits to small business employers and farm employers related to increase in State minimum wage.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
(Constitutional Amendment) Provides for the election of constitutional convention delegates and vote requirements necessary for the adoption of a new constitution (RR SEE FISC NOTE GF EX)
(Constitutional Amendment) Modifies disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and deposits of certain revenue streams into the Budget Stabilization Fund (RRF INCREASE GF RV See Note)
(Constitutional Amendment) Provides relative to the application of state monies to the unfunded accrued liability of the Teachers' Retirement System of La. (EN DECREASE SD RV See Note)
Proposing An Amendment To Article Xvii, Section 3 Of The Hawaii Constitution To Specify That The Standard For Voter Approval Of A Constitutional Amendment Proposed By The Legislature Is A Majority Of All The Votes Tallied Upon The Question.