Ohio HB340 establishes a nonrefundable tax credit for employers who pay childbirth bonuses to employees.

Ohio HB340, known as the Baby Bonus Act, introduces a nonrefundable tax credit for employers who pay childbirth bonuses to employees. Employers can claim a credit for bonuses paid under a qualifying policy, which requires a minimum bonus of $1,000 per employee. The credit is subject to a maximum of $50,000 per taxable year and must be claimed in a specific order alongside other tax credits. Employers must maintain records of the bonuses for at least five years.

Ohio HB340 establishes a nonrefundable tax credit for employers who pay childbirth bonuses to employees.

Ohio HB340, known as the Baby Bonus Act, introduces a nonrefundable tax credit for employers who pay childbirth bonuses to employees. Employers can claim a credit for bonuses paid under a qualifying policy, which requires a minimum bonus of $1,000 per employee. The credit is subject to a maximum of $50,000 per taxable year and must be claimed in a specific order alongside other tax credits. Employers must maintain records of the bonuses for at least five years.