This bill establishes a new premarital counseling tax credit that individuals can claim against their income tax. The credit is defined as the cost of premarital counseling services, with a maximum limit of $500. It allows individuals to claim the credit based on their pro rata share of earnings from partnerships, limited liability companies, S corporations, estates, or trusts that elect to have their income taxed directly to the individual. Importantly, any credit that exceeds the taxpayer's liability for the year is non-refundable but can be applied to the following year's tax liability.

Additionally, the bill includes a retroactive applicability provision, meaning that the tax credit will be effective for tax years beginning on or after January 1, 2025. This allows individuals to benefit from the credit for counseling services incurred from that date forward.