Bill > SB129

This bill establishes a refundable tax credit for employers who purchase group health benefit plans that provide basic health care services to their resident employees. The credit is set at 1.3% of the premiums paid for such plans, and it applies to various types of taxpayers including domestic and foreign insurance companies, public utility companies, and other businesses subject to specific state taxes. The credit can only be claimed for health plans that are not part of a self-insurance program, and employers cannot claim the credit for premiums that have already been used to claim a similar credit under other sections of the tax code. The credit is designed to be applied in a specific order when calculating tax liability and, if the credit amount exceeds the tax due, the excess will be refunded to the taxpayer. The bill amends and enacts several sections of the Ohio Revised Code to implement this new tax credit, and the provisions apply to premiums paid on or after the bill's effective date. This legislation aims to provide financial incentives for employers to offer health insurance coverage to their employees.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb129