The bill amends section 5701.11 of the Revised Code to align Ohio law with recent changes in the Internal Revenue Code as of March 15, 2023. It specifies that any references to the Internal Revenue Code or other U.S. laws in certain sections of the Revised Code will now reflect the current state of those laws as of the effective date. Additionally, it clarifies that this section does not apply to references that specify a particular date for the Internal Revenue Code.

Furthermore, the bill allows taxpayers with taxable years ending after March 15, 2023, to irrevocably elect to incorporate provisions of the Internal Revenue Code that differ from those that would otherwise apply under Ohio law. This election is made through the filing of a tax return that adheres to the federal provisions without adjustments. The bill also repeals the existing section 5701.11 and declares an emergency to facilitate immediate implementation, helping taxpayers avoid additional compliance costs for their 2024 tax returns.

Statutes affected:
As Introduced: 5701.11
As Reported By Senate Committee: 5701.11
As Passed By Senate: 5701.11