In addition to all other credits allowed by this chapter, a credit shall be allowed against a taxpayer‘s aggregate tax liability under section 5747.02 of the Revised Code for taxpayers with modified adjusted gross income of less than forty thousand dollars. The amount of the credit shall equal twenty-five per cent of the federal dependent care credit for which the taxpayer is eligible for the taxable year under section 21 of the Internal Revenue Code, 26 U.S.C.A. 21; except that the amount of the credit for a taxpayer with modified adjusted gross income of less than twenty thousand dollars shall equal the federal credit for which the taxpayer is eligible, in any case without regard to any limitation imposed by section 26 of the Internal Revenue Code, 26 U.S.C.A. 26.

Terms Used In Ohio Code 5747.054

  • Internal Revenue Code: means the "Internal Revenue Code of 1986" 100 Stat. See Ohio Code 5747.01
  • Modified adjusted gross income: means Ohio adjusted gross income plus any amount deducted under divisions (A)(28) and (34) of this section for the taxable year. See Ohio Code 5747.01
  • Taxable year: means the calendar year or the taxpayer's fiscal year ending during the calendar year, or fractional part thereof, upon which the adjusted gross income is calculated pursuant to this chapter. See Ohio Code 5747.01
  • Taxpayer: means any person subject to the tax imposed by section 5747. See Ohio Code 5747.01

The credit allowed by this section shall be claimed in the order required under section 5747.98 of the Revised Code.

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