Bill > HB340

This bill creates a new tax credit for employers in Ohio who provide a childbirth bonus to their employees, called the Baby Bonus Act. Under the legislation, employers can receive a nonrefundable tax credit of $1,000 for each employee who receives a childbirth bonus of at least $1,000 when they give birth to or adopt a child. The bonus must be documented with a birth or adoption record submitted to the employer. The total credit an employer can claim is capped at $50,000 per taxable year, and any excess credit can be carried forward for up to five years. To claim the credit, employers must maintain records of the bonus policy and employee compensation for at least five years, and the tax commissioner may request additional documentation. The credit will be added to the existing list of tax credits in Ohio's tax code and can be claimed in a specific order relative to other credits. The bill applies to taxable years ending on or after its effective date, providing a financial incentive for employers to support employees during significant family life events.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb340