H.B. 576 Summary

• Authorizes nonrefundable tax credits for employers providing child care expenses, including qualified child care expenditures under Internal Revenue Code Section 45F and payments to licensed child care programs for employee children.

• Tax commissioner evaluates applications submitted by January 15th and issues certificates authorizing credits up to the lesser of $500,000 or the employer's eligible expenses from the preceding calendar year.

• Allows employers to claim credits against multiple tax types (insurance premium, corporate franchise, sales and use, school district income, and commercial activity taxes) based on the certificate issued.

• Permits unused credit amounts to carry forward for up to five years (or nineteen tax periods for certain taxes), with excess credits deducted from subsequent year balances.

• Establishes credit claiming order in tax calculation procedures to ensure uniform application alongside other tax credits and offsets under Ohio Revised Code.