The Latest: 4% tax cut, pharmacy compensation in Ohio budget

COLUMBUS, Ohio (AP) — The Latest on the crafting of Ohio's next two-year state budget (all times local):

8 p.m.

The latest version of Ohio's proposed two-year state budget would cut personal income taxes by 4%, keep a debated business tax break and change how pharmacy benefits are administered for Medicaid users to boost transparency and control those costs.

The plan passed Tuesday by a conference committee also would direct $100 million to pharmacies to compensate for low reimbursements and have the Department of Medicaid contract directly with one pharmacy benefit manager, instead of working through multiple PBMs and managed care plans.

The Republican-led Legislature faces a Wednesday deadline to pass a budget. The House and Senate have been hashing out differences between their versions of the $69 billion spending plan, including on taxes, health care policies and educational funding.

GOP Gov. Mike DeWine can veto provisions he doesn't approve.

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1:05 p.m.

Lawmakers who have been negotiating Ohio's next two-year state budget are set to reconvene a day before the extended deadline for the House and Senate to pass the $69 billion spending plan.

The conference committee was scheduled to meet late Tuesday afternoon amid speculation that it has finally reached an agreement on the budget. Lawmakers have been hashing out differences between the House and Senate versions, including on tax breaks, school funding and policies related to health care.

The state has been operating under a 17-day temporary budget this month since the Republican-led Legislature missed the original deadline for the first time since 2009.

The budget must be approved by the House and Senate and signed by GOP Gov. Mike DeWine, who can veto elements he doesn't approve.