The proposed bill, known as the Invest in Marriage Act, aims to amend section 5747.98 and enact section 5747.74 of the Revised Code to establish a nonrefundable income tax credit for employers who provide a "marriage bonus" to employees upon their marriage. A "marriage bonus" is defined as additional compensation of at least one thousand dollars paid to an employee who submits a marriage license or record of marriage to their employer. The bill outlines that employers can claim a tax credit equal to the amount of the marriage bonus paid, with a cap of fifty thousand dollars on the total amount of bonuses eligible for the credit per taxable year.

Additionally, the bill specifies that the credit must be claimed in a particular order as outlined in section 5747.98, and any excess credit can be carried forward for up to five years. The tax commissioner is granted the authority to require documentation to support claims for the credit, including the employer's qualifying marriage bonus policy and employee pay stubs. The existing section 5747.98 is set to be repealed, and the new provisions will apply to taxable years ending on or after the effective date of the act.

Statutes affected:
As Introduced: 5747.98