Ohio HB365 establishes a Property Tax Refund Act, offering a refundable income tax credit or rebate for homeowners and renters with property taxes or.

Ohio HB365 amends and enacts sections of the Revised Code to create the Property Tax Refund Act. This act allows eligible claimants, defined as individuals who have occupied a homestead for at least six months and have total household resources under a specified limit, to claim a credit or rebate. The credit or rebate is calculated based on property taxes or rent exceeding 5% of the claimant's income. The act also details provisions for pass-through entities, including the ability to file a single return on behalf of investors and the calculation of tax liabilities and credits.

Ohio HB365 establishes a Property Tax Refund Act, offering a refundable income tax credit or rebate for homeowners and renters with property taxes or.

Ohio HB365 amends and enacts sections of the Revised Code to create the Property Tax Refund Act. This act allows eligible claimants, defined as individuals who have occupied a homestead for at least six months and have total household resources under a specified limit, to claim a credit or rebate. The credit or rebate is calculated based on property taxes or rent exceeding 5% of the claimant's income. The act also details provisions for pass-through entities, including the ability to file a single return on behalf of investors and the calculation of tax liabilities and credits.