Ohio Representatives Lauren McNally of Youngstown and Crystal Lett of Columbus have reintroduced the Thriving Families Tax Credit into Ohio legislation, which aims to assist middle- to low-income families in the state.
“Ohio families are asking for help, and the Thriving Families Tax Credit sends a strong message that we are listening,” McNally said. “If we really want Ohio to be the best place in the country to raise a family, then we need to start putting families first.”
The bill, also known as House Bill 140, will provide a benefit of up to $1,000 per child aged 0-5 and $500 per child aged 6-17 to families earning less than $65,000 per year. Families earning between $65-85k per year will be able to cope with benefit tapering.
This bill is estimated to benefit approximately 1.8 million children in Ohio.
“The working class bears the lion’s share of the tax burden, and this burden is felt more than ever before. Rep. Lett stated that the Thriving Families Tax Credit is a fiscally responsible solution to the problem and helps to reduce the high cost of living.
Ohio would join Utah, New Mexico, Vermont, and ten other states in introducing legislation for state-level child tax credits that are either refundable or nonrefundable.
The Thriving Families Tax Credit is currently awaiting committee assignment.
A copy of House Bill 140, also known as the Thriving Families Tax Credit, is provided below.
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