Ohio Governor Mike DeWine has proposed a $1,000 Child Tax Credit (CTC) for each child under the age of seven as part of efforts to support families with young children. This tax credit aims to alleviate financial stress for parents and provide direct economic relief.
Eligibility Criteria
To qualify, the child must be under seven years old by the end of the tax year and must have lived with the taxpayer for more than half of the year. The child must also be claimed as a dependent on the federal tax return and be a U.S. citizen or resident alien with a valid Social Security number.
The tax credit applies fully to families with a modified adjusted gross income (MAGI) of up to $400,000 for married couples filing jointly and $200,000 for other filers. Beyond these income limits, the credit gradually reduces by $50 for every $1,000 exceeding the threshold.
Payment Dates
Since the credit is still in the legislative process, no exact payment dates have been confirmed. If passed, it will be applied when filing Ohio state tax returns for the applicable tax year. Families should monitor official state announcements for updates.
Application Process
Eligible taxpayers will need to file an Ohio state tax return and include details about qualifying children. Any additional required schedules must be attached, and supporting documentation, such as proof of residency and the child’s Social Security number, may be necessary.
Conclusion
The $1,000 Ohio Child Tax Credit could provide substantial relief for families raising young children. Staying informed about the approval process and understanding the eligibility requirements will help Ohio residents take full advantage of this financial support once it is enacted.
