Authorize tax credit or rebate for certain homeowners, renters

SB 271 creates a refundable tax credit or rebate for Ohio homeowners and renters whose property taxes or rent exceed five percent of their income. The bill allows eligible individuals to claim this financial assistance directly on their state income tax returns. While the text includes extensive procedural rules for pass-through entities and filing requirements, the core policy change establishes a new relief mechanism for taxpayers facing high housing costs relative to their earnings.