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 5736.51, 5747.74, and 5751.56, which define the credit amount at one and three-tenths percent of the premiums paid during the tax period. The legislation specifies that no credit can be claimed for self-insurance coverage and outlines the order in which the new credit must be claimed relative to other existing credits. If the credit exceeds the taxpayer's liability, the excess will be refunded.

Additionally, the bill repeals existing sections 5725.98, 5726.98, 5729.98, 5747.98, and 5751.98, thereby streamlining the process for claiming the new credits. It clarifies that no credit will be allowed for premiums that are the basis of credits claimed under other specified sections of the Revised Code. The new provisions will apply to premiums paid on or after the effective date of the bill, aiming to incentivize employers to provide health insurance to their employees and enhance access to healthcare services.

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