COLUMBUS, Ohio -- The Ohio Senate's two-year budget plan, unveiled Monday, calls for $1.7 billion in tax relief, accompanied by a 40-cents-per-pack cigarette tax increase and a tuition freeze at state colleges and universities.

The $129.9 billion budget plan, outlined by Republican leaders at a Statehouse news conference, would also -- among other things -- offer more money for schools in the funding formula, remove a proposed state tax on Social Security benefits, and increase police training hours.

The budget plan is scheduled to be voted on by the Senate next week. House and Senate members will then have to hammer out a final compromise budget to send to Gov. John Kasich for his signature.

The Senate's budget bill, as it currently stands, is $1.7 billion smaller than what either the House and about $1 billion less than what Kasich proposed.

Here are some of the highlights of the Senate's budget plan outlined on Monday:

Tax reductions: The Senate's budget seeks a 6.3-percent personal income tax cut totaling $1.26 billion over the next two years. That's the same tax cut sought by the Ohio House in its budget plan, though it's less than the 23-percent cut proposed by Kasich.

The Senate's budget would also give Ohio business owners an income tax deduction on the first $250,000 of net income on their individual tax returns. The budget would further set a 3-percent flat tax on small-business income above that amount.

Tobacco tax increases: Those tax reductions would be offset in part by a $406 million tobacco tax increase, including raising Ohio's cigarette tax from $1.25 per pack to $1.65 per pack.

The state tax on cigars, chewing tobacco, and other tobacco products would rise from 17 percent to 22.5 percent, though the increase would not apply to electronic cigarettes.

Of the $406 million, $8 million would go toward smoking cessation efforts - more than double what is being spent on such activities in the state's current two-year budget but far less than what anti-tobacco activists have been calling for.

College tuition freeze and more higher education funding: The Senate's budget would freeze tuition at all state colleges and universities for the next two years.

Senate leaders are also seeking $82 million more in higher education funding next year than what the House budget approved, along with an additional $76 million in 2017.

K-12 education funding: Schools would receive $935 million more over the next two years than they do this year under the Senate's plan, and more money would go to poorer districts, and to rural districts for transportation and technology needs. No district would lose money under the Senate's budget.

Medicaid: The Senate plan would restore funding for Medicaid coverage of pregnant women up to 200 percent of the poverty level, and it would preserve coverage for breast and cervical cancer screening for women on Medicaid. Budget plans advanced by Kasich and the Ohio House didn't include such funding on the grounds that it's now unnecessary because of the Affordable Care Act.

The budget would accept another two years of federal money for Medicaid expansion, despite grumbling from conservative lawmakers.

More police training: The Senate's budget would raise the amount of continuing training each Ohio law enforcement officer must take every year from four hours to about 20 hours by 2017.

The budget would provide about $10 million per year to pay for the additional training, according to Senate President Keith Faber, a Mercer County Republican.

In April, a state task force looking into Ohio's use-of-force training standards recommended increasing the amount of continuing training for law enforcement to 40 hours per year.

The budget plan unveiled Monday does not include any increase in the state's severance tax on oil and gas fracking, which Kasich has sought to help pay for income-tax cuts. However, Sen. Bob Peterson, a Washington Court House Republican, said he hopes to announce a severance tax deal by next week.