The bill amends sections 5747.08 and 5747.98 of the Revised Code and enacts section 5747.87 to establish a nonrefundable income tax credit for expenses related to fertility treatments. This new section allows qualifying taxpayers to claim a credit of up to $3,500 for treatments addressing fertility conditions and $9,500 for assisted reproductive technology. The bill includes a definition of "assisted reproductive technology" and clarifies what constitutes "treatment for conditions that impact fertility," ensuring taxpayers understand the eligible procedures for the credit. The credit must be claimed according to existing provisions under section 5747.98 and is nonrefundable, meaning it can only reduce tax liability.

Additionally, the bill introduces new provisions for calculating and applying tax credits under section 5747.02, specifying the order in which credits are applied and allowing any excess credit to be carried forward for up to seven years. Taxpayers must provide documentation to verify their entitlement to the credit. The bill also outlines a uniform procedure for claiming various tax credits and includes the insertion of the new nonrefundable credit for fertility treatment expenses. It repeals existing sections 5747.08 and 5747.98, indicating a significant restructuring of the tax credit framework to streamline the process for taxpayers.

Statutes affected:
As Introduced: 5747.08, 5747.98