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 reflect their status as of this effective date. Additionally, it allows taxpayers with taxable years ending after March 15, 2023, to irrevocably elect to incorporate the provisions of the Internal Revenue Code that are in effect for federal income tax purposes, should those provisions differ from what would otherwise apply under Ohio law.

Furthermore, the bill repeals the existing section 5701.11 and declares an emergency measure, emphasizing the need for immediate implementation to help taxpayers avoid unnecessary adjustments on their 2024 tax returns, which could lead to increased compliance costs. The urgency of this measure is underscored by its immediate effect upon enactment.

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