Ohio HB342 allows employers to claim a tax credit for bonuses paid to employees upon marriage.

Ohio HB342, known as the Invest in Marriage Act, allows employers to claim a nonrefundable tax credit for bonuses paid to employees upon marriage. The credit is available to employers who adopt a policy providing a marriage bonus of at least $1,000. The credit amount cannot exceed $50,000 per taxable year. Employers must maintain records supporting the credit for at least five years. The act also repeals existing section 5747.98 of the Revised Code and applies to taxable years ending on or after the effective date of the act.

Ohio HB342 allows employers to claim a tax credit for bonuses paid to employees upon marriage.

Ohio HB342, known as the Invest in Marriage Act, allows employers to claim a nonrefundable tax credit for bonuses paid to employees upon marriage. The credit is available to employers who adopt a policy providing a marriage bonus of at least $1,000. The credit amount cannot exceed $50,000 per taxable year. Employers must maintain records supporting the credit for at least five years. The act also repeals existing section 5747.98 of the Revised Code and applies to taxable years ending on or after the effective date of the act.