Bill > SB22

This bill introduces a refundable income tax credit or rebate for homeowners and renters in Ohio who pay property taxes or rent that exceeds five percent of their household income. Eligible claimants must have occupied a homestead as an owner or lessee for at least six months of the claim year and have total household resources not exceeding $60,000. The credit or rebate will be calculated by subtracting five percent of the household's total resources from the property taxes paid or the rent-equivalent tax (15% of gross rent). For the first claim year, the maximum credit or rebate is $1,000, with future limits adjusted annually based on the gross domestic product deflator. Homeowners can claim the credit based on their actual property taxes, while renters can claim based on their rent-equivalent taxes. The credit applies to one eligible claimant per homestead, with renters having priority in claiming the benefit. The bill also specifies detailed definitions of income, household resources, and other key terms, and integrates this new credit into the existing tax credit framework by adding it to the list of credits taxpayers can claim when filing their annual income tax returns.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb22