OH SB113

Enacts a refundable state earned income tax credit for eligible individuals as defined in section 32 of the Internal Revenue Code, effective for taxable years beginning January 1, 2011

Credit equals 5% of the federal earned income tax credit for tax year 2011, and 10% for tax years 2012 and thereafter

Credit is refundable, meaning taxpayers receive a refund if the credit exceeds their tax liability after all other credits are applied

Establishes the order in which taxpayers claim credits against Ohio income tax, placing the earned income tax credit 41st in the priority sequence, after motion picture production credits

Amends section 5747.98 of the Revised Code to incorporate the new earned income tax credit into the unified procedure for calculating tax credits