The bill, known as the Invest in Marriage Act, proposes the creation of a new income tax credit for employers who provide a marriage bonus to their employees. Specifically, it amends section 5747.98 and enacts section 5747.74 of the Revised Code. The new section defines a "marriage bonus" as additional compensation given to an employee upon their marriage, contingent upon the submission of a marriage license. Employers must adopt a qualifying marriage bonus policy that guarantees a minimum bonus of $1,000 to each employee. The bill allows for a nonrefundable tax credit of up to $1,000 for employers who pay this bonus, with a cap of $50,000 on the total amount of bonuses eligible for the credit per taxable year.

Additionally, the bill outlines the process for claiming the credit, which must be done in a specific order as detailed in section 5747.98. It also mandates that employers maintain records related to the marriage bonuses for at least five years and allows the tax commissioner to require supporting documentation for credit claims. The enactment of this new section applies to taxable years ending on or after the effective date of the legislation.

Statutes affected:
As Introduced: 5747.98