The bill introduces nonrefundable tax credits for employer-provided child care expenditures, amending several sections of the Revised Code and enacting new sections, including 5747.87 and 5751.56. These provisions allow both domestic and foreign insurance companies, as well as other taxpayers, to claim credits against various taxes based on amounts specified in tax credit certificates. The bill outlines eligibility criteria for these credits, which include qualifying child care expenditures as defined by the Internal Revenue Code, and establishes a process for employers to apply for the credits through the tax commissioner. If the credits exceed a taxpayer's liability, they can be carried forward for up to five years.

Additionally, the bill modifies the order in which taxpayers must claim their credits, incorporating the new child care credit into the established sequence to streamline the process. It also repeals existing sections 5725.98, 5726.98, 5729.98, 5747.98, and 5751.98 of the Revised Code, updating the legal language to reflect these changes. The provisions will take effect for applications submitted on or after the first day of January following the bill's effective date.

Statutes affected:
As Introduced: 5725.98, 5726.98, 5729.98, 5747.98, 5751.98