The bill introduced in the 136th General Assembly seeks to amend several sections of the Revised Code and establish new sections to create refundable tax credits aimed at encouraging the hiring of certain veterans, service members, and their spouses. It amends sections 5725.98, 5726.98, 5729.98, 5747.98, and 5751.98, while enacting new sections 5725.39, 5726.63, 5727.242, 5727.301, 5729.22, 5736.51, 5747.88, and 5751.55. The bill defines "tax credit certificate" and outlines the process for claiming these credits against various taxes, ensuring that any excess credit amount beyond the taxpayer's liability will be refunded.

The legislation introduces specific refundable tax credits for employers who hire qualifying individuals, including veterans, disabled veterans, service members, and their spouses, under section 5751.55. Employers can claim a tax credit for each qualifying employee based on their employment duration and status, applicable for the year of hire and the following four years, contingent on continued employment and submission of necessary applications. The bill also establishes a cap of one million dollars on total tax credits approved in a calendar year and amends the order of tax credits to incorporate the new provisions, streamlining the process and repealing outdated sections. These changes will take effect for qualifying employees hired on or after January 1 of the year following the bill's effective date.

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