The bill, introduced by Representatives Abdullahi and Rader, seeks to amend several sections of the Revised Code to establish state-subsidized, tuition-free public higher education for Ohio students, funded through increased taxes. It amends sections 319.202, 319.54, 5747.02, 5747.03, and 5747.07, while enacting a new section, 3345.012. Key changes include new requirements for property conveyance statements, adjustments to auditor compensation, and a new fee structure that imposes a one percent fee on residential real property transfers exceeding two million dollars. This fee will be collected by the auditor and deposited into the newly created Ohio free college fund.

Additionally, the bill introduces an annual tax on individuals, trusts, and estates with modified adjusted gross income over five hundred thousand dollars, with rates increasing for higher income brackets. It also establishes a new tax on employers based on compensation exceeding ten million dollars, which will similarly support the Ohio free college fund. The bill includes provisions for the management of school district income tax funds, ensuring that all interest earned is credited to the fund and outlining a structured payment schedule to school districts. Notably, it repeals existing sections of the Revised Code, indicating a significant restructuring of the tax framework, and specifies that the new tax will be considered a tax levied under section 5747.02 for all purposes. The amendments will take effect for taxable years beginning on or after January 1, 2025.

Statutes affected:
As Introduced: 319.202, 319.54, 5747.02, 5747.03, 5747.07