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 their employees. A "marriage bonus" is defined 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 at least one thousand dollars to each employee. The total credit available for each employee is also set at one thousand dollars, with a cap of fifty thousand dollars on the total amount of marriage 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 allows for any excess credit to 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 policy and employee pay stubs. The existing section 5747.98 is repealed, and the new provisions will apply to taxable years ending on or after the effective date of the act.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