OHIO — Ohio lawmakers have introduced Senate Bill 22, which seeks to provide financial relief to homeowners and renters burdened by high housing costs.
The bill would create a refundable income tax credit or rebate for people whose property taxes or rent exceed 5% of their annual income.
The legislation, sponsored by Senators Louis W. Blessing, III and Hearcel F. Craig, and co-sponsored by Senators Nickie J. Antonio, Beth Liston, Kent Smith, and Casey Weinstein, seeks to amend sections 5747.08 and 5747.98 of the Ohio Revised Code, as well as introduce section 5747.87.
The goal is to alleviate the financial strain on residents who have disproportionate housing expenses in comparison to their earnings.
If passed, eligible taxpayers would receive a credit or rebate to cover the portion of their property taxes or rent that exceeds the 5% income threshold.
This initiative reflects a growing awareness of housing affordability issues and a concerted effort to assist those most affected.
Senate Bill 22 is currently being reviewed by the Senate Finance Committee.
As the legislative process progresses, Ohio residents are encouraged to stay informed and communicate with their representatives about this proposed measure.
