The bill introduces a refundable tax credit for employers who purchase group health benefit plans that cover basic health care services for their resident employees. It establishes new sections in the Revised Code, specifically 5725.39, 5726.62, 5727.242, 5727.301, 5729.22, 5736.51, 5747.74, and 5751.56, which outline the eligibility criteria and set the credit amount at one and three-tenths percent of the premiums paid by the employer. The bill specifies that no credit can be claimed for premiums associated with self-insurance or for premiums that are the basis of credits claimed under other sections of the Revised Code.

Additionally, the bill amends existing sections 5725.98, 5726.98, 5729.98, 5747.98, and 5751.98 to incorporate the new credit into the order of credits for tax liability calculations, ensuring proper integration into the existing framework. It also repeals the aforementioned sections to streamline the claiming process for the new credits. The provisions of the bill apply to premiums paid on or after its effective date, aiming to incentivize employers to provide health coverage to their employees.

Statutes affected:
As Introduced: 5725.98, 5726.98, 5729.98, 5747.98, 5751.98