OH SB271

Authorizes a refundable income tax credit or rebate for homeowners and renters whose property taxes or rent-equivalent taxes exceed 5% of their total household resources

Homeowners eligible if property owned as primary residence for at least 6 months of claim year and home value does not exceed county median home value; renters eligible if gross rent paid does not exceed county median gross rent

Initial maximum credit or rebate of $1,000 per claim year, adjusted annually based on gross domestic product deflator; applies only to one eligible claimant per homestead

Eligible claimants must have total household resources not exceeding $60,000 initially, adjusted annually; requires 6-month minimum occupancy of homestead as owner or lessee

Credits claimed by taxpayers filing returns; non-filers may apply for rebate between January 1 and 15th day of fourth month after claim year ends, with extension available to tenth month