OH HB140

Creates a refundable "thriving families tax credit" for Ohio income taxpayers with dependent children under age 18 and household income at or below $85,000

Credit amount is $1,000 per qualifying child under age 6 and $500 per qualifying child ages 6-17

Credit phases out gradually, reduced by 5% for each $1,000 of household income exceeding $65,000 (fully phased out at $85,000)

Excess credit beyond tax liability is refunded to taxpayers in 12 equal monthly payments beginning after the tax filing date

Amends Ohio Revised Code sections 5747.01, 5747.08, and 5747.98 and creates new section 5747.36 to implement the credit