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 refer to the versions in effect on that 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 differ from those that would otherwise apply under Ohio law.

Furthermore, the bill repeals the existing section 5701.11 and declares an emergency, emphasizing the need for immediate implementation to help taxpayers avoid unnecessary adjustments on their 2024 tax returns, which could lead to increased compliance costs. This emergency declaration allows the bill to take effect immediately upon passage.

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