Reps. McNally, Lett Reintroduce Thriving Families Tax Credit
COLUMBUS — State Reps. Lauren McNally (D-Youngstown) and Crystal Lett (D-Columbus) today announced the reintroduction of the Thriving Families Tax Credit, legislation allowing Ohio’s middle and low-income families to keep more of what they earn.
“Ohio families are asking for help, and the Thriving Families Tax Credit sends a strong message that we are listening,” said Rep. McNally. “If we really want Ohio to be the best place in the country to raise a family, then we need to start putting families first.”
“Ohioans who make less than $24,000 a year receive an average tax cut of $122 a year. That’s only about $10 a month. Tax burden overwhelmingly falls on the working class and that burden is being felt now more than ever. The Thriving Families Tax Credit is a fiscally responsible solution to that problem and alleviates the high cost-of-living,” said Rep. Lett.
If passed, this bill would provide a benefit of up to $1K per child aged 0-5 and up to $500 per child aged 6-17. Families earning less than $65K annually would qualify for the full benefit amount, with benefits tapering off for families earning $65-85K to prevent a benefits cliff. An estimated 1.8M children would benefit statewide.
Support for child tax credits is growing and bipartisan. Thirteen other states currently have either refundable or non-refundable state-level child tax credits, including Idaho, Utah, New Mexico, and Vermont, with many more having introduced legislation to create such a benefit in the last 5 years.
The American Rescue Plan Act of 2021 helped reduce child poverty to a historic low of 5.2% in 2021, lifting more children above the poverty line than any legislation in over 50 years. Expansion of credit enhancements work and will improve the lives of almost a million Ohio families.
The legislation, also known as House Bill 140, awaits committee assignment.