The Strategic Tax Opportunities for Raising Kids (STORK) Act proposes amendments to the Ohio Revised Code, specifically targeting tax incentives to support families with conceived children and related child care expenses. The bill introduces new tax deductions and credits aimed at alleviating the financial burden on parents and guardians, thereby promoting family growth and stability. Key provisions include the expansion of sales tax exemptions for child care products, such as infant clothing and diapers, which must meet safety standards set by the United States Consumer Product Safety Commission. Additionally, the bill clarifies the definition of "infant" as an individual aged 12 months or younger and restructures previous provisions related to therapeutic items and cribs to better reflect current consumer needs.

Moreover, the STORK Act expands the definition of "dependents" to include children conceived through assisted reproduction, allowing taxpayers to claim these children for tax purposes. It also introduces deductions for expenses related to spontaneous miscarriages, modifies the computation of taxable income for estates and trusts, and establishes new definitions for various tax-related terms. The bill emphasizes compliance with federal tax regulations while providing opportunities for taxpayers to reduce their taxable income through various deductions. Overall, the STORK Act aims to enhance financial support for families in Ohio, particularly in relation to child-rearing and education, while ensuring clarity and compliance within the tax code.

Statutes affected:
As Introduced: 5739.02, 5747.01, 5747.025