Proposed Ohio Child Tax Credit Could Cost State $450M a Year
Source: http://www.yahoo.com
Ohio Governor Mike DeWine has proposed a new child tax credit aimed at helping families with young children afford essential expenses such as rent, mortgages, and child care.
Under the proposal, families would receive a refundable tax credit worth up to $1,000 per child under the age of seven. The credit would be calculated as 5% of a household’s income for each qualifying child, with the total cost to the state estimated at $450 million per year.
To fund this initiative, the DeWine administration has proposed nearly doubling the state’s cigarette tax, increasing it from $1.60 per pack to $3.10. This proposal is part of Ohio’s broader 2026-2027 budget negotiations, which will be reviewed and amended by the state’s House and Senate before final approval.
Governor DeWine argues that this tax credit would provide crucial relief to families struggling with rising costs.
Read more of the story here: https://ohio.childreninfobank.com/safebank/proposed-ohio-child-tax-credit-could-cost-state-450m-a-year-heres-how-it-would-work/
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