Authorizes tax credit or rebate for homeowners and renters with high property taxes or rent.
The bill authorizes a refundable income tax credit or rebate for homeowners and renters in Ohio whose property taxes or a portion of their rent exceeds five percent of their income. Eligible claimants can receive a credit or rebate based on the amount by which their property tax due or rent-equivalent tax paid exceeds five percent of their total household resources. The credit or rebate is subject to certain limits and adjustments based on the gross domestic product deflator.
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