OH HB789

Redirects surplus state revenue to the Ohio College Opportunity Grant Program Reserve Fund instead of the Income Tax Reduction Fund after required transfers to the Budget Stabilization Fund.

Creates the Ohio College Opportunity Grant Program Reserve Fund under section 3333.124 of the Revised Code to receive surplus revenue transfers determined by the Director of Budget and Management each July 31st.

Appropriates $4,550,000 for fiscal years 2018 and 2019 to the Ohio College Opportunity Grant program for need-based financial aid to students in eligible public and private nonprofit institutions of higher education.

Transfers the existing cash balance in the Income Tax Reduction Fund (Fund 4R80) to the new Ohio College Opportunity Grant Program Reserve Fund (Fund 5PU0) and abolishes Fund 4R80.

Amends sections 131.44, 5741.03, and 5747.02 of the Revised Code to implement the revenue redirection and eliminate references to the Income Tax Reduction Fund in surplus revenue distribution procedures.