Bill > HB140

This bill establishes the refundable thriving families tax credit for Ohio taxpayers with dependent children. The credit is designed to provide financial support to families with qualifying children, defined as dependents under the age of 18. Families with a household income up to $85,000 are eligible, with the credit amount varying based on the child's age and household income. Specifically, families receive $1,000 for each child under six years old and $500 for each child between six and 18 years old. The credit amount gradually decreases for households earning over $65,000, with a reduction of one-twentieth of the credit amount for every additional $1,000 of household income. If the credit exceeds the taxpayer's tax liability, the excess will be refunded in 12 equal monthly payments after the tax filing date. The bill also modifies existing tax code sections to incorporate this new credit into the state's tax credit system, ensuring it can be claimed in a specific order with other existing credits. The credit will apply to taxable years ending on or after the bill's effective date.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb140