Enact Strategic Tax Opportunities for Raising Kids (STORK) Act

HB 654, known as the STORK Act, proposes changes to Ohio's personal income tax code by creating a new exemption and credit specifically for conceived children. The bill would also redefine how "adjusted gross income" is calculated for state tax purposes by adding certain interest and dividends while deducting others, such as those related to federal tax-exempt obligations and specific social security benefits. Additionally, the legislation expands deductions for medical care insurance and long-term care expenses, including adjustments for dependents who do not meet standard federal income limits. These provisions aim to align state tax calculations more closely with federal definitions while offering targeted relief for families and specific financial situations.