H.B. No. 654 - STORK Act Summary

• Amends Ohio personal income tax law to allow a tax exemption and credit for each child conceived during a taxable year, effective for tax years ending on or after January 1, 2025.

• Modifies the definition of "dependents" in section 5747.01 to include each child conceived by the taxpayer or spouse during the taxable year, provided the child is not also a qualifying child under federal tax law.

• For a conceived child, the tax exemption can only be claimed by the expecting mother when filing separately or jointly.

• Updates section 5747.025 to maintain personal exemption amounts based on modified adjusted gross income brackets, with annual adjustments tied to the gross domestic product deflator.

• Officially names the legislation the "Strategic Tax Opportunities for Raising Kids (STORK) Act."