Ohio budget director testifies on Kasich’s spending plan

COLUMBUS, Ohio (AP) — The state’s budget director says he expects Ohio to finish its current budget year with tax revenues exceeding economic forecasts.

Budget director Tim Keen said today that Ohio was one of few states that haven’t had to revise forecasts downward due to a shortfall in revenues between 2011 and 2015.

Keen discussed the state’s fiscal health as he testified before the House Finance Committee on Gov. John Kasich’s $72.3 billion, two-year state spending plan. The Republican governor has proposed a package of tax changes that his administration says will result in a net $500 million tax cut.

Among other changes, Kasich wants to eliminate the tax on income for small businesses with annual gross receipts of $2 million or less and boost the state’s sales and cigarette taxes.