OH SB306

Adds division (A)(35) to section 5747.01 of the Revised Code to allow individuals to deduct qualifying rent payments made during the taxable year.

Defines "qualifying rent payment" as a payment to rent a dwelling used as the taxpayer's principal place of residence, provided the dwelling is not exempt from property taxation.

Limits the total annual deduction to $3,000 per taxpayer or married couple filing jointly.

Applies to taxable years ending on or after the effective date of the act.

Amends existing Ohio income tax law by repealing the old section 5747.01 and replacing it with the amended version.