H.B. 666 Summary

• Establishes a refundable income tax credit for undergraduate higher education expenses paid to attend public Ohio institutions.

• Credit calculation based on student's "credit basis" (cost of attendance minus grants, scholarships, federal work-study, and other aid) claimed over ten taxable years at 10% per year.

• Eligible students must file federal financial aid applications and pursue associate or baccalaureate degrees from Ohio public universities and colleges.

• Credit is refundable, meaning excess amounts not needed to offset tax liability are refunded to the taxpayer, and is claimed last in the tax credit order hierarchy.

• Amends sections 5747.08, 5747.20, 5747.21, and 5747.98 of the Revised Code to implement the new credit under section 5747.82.