The bill amends section 5701.11 of the Revised Code to align Ohio law with updates to the Internal Revenue Code that have occurred since 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 as of the effective date of this amendment. 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 the provisions of the Internal Revenue Code that are applicable for federal income tax purposes, even if they differ from the provisions that would otherwise apply under Ohio law. The bill also repeals the existing section 5701.11 and declares an emergency to ensure immediate implementation, allowing taxpayers to avoid additional compliance costs on their 2024 tax returns.

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