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 replaces references to the previous S.B. 10 with H.B. 14 from the 136th General Assembly and updates the effective date for certain provisions. Specifically, it allows taxpayers to irrevocably elect to incorporate the provisions of the Internal Revenue Code that were in effect for federal income tax purposes for taxable years ending after March 15, 2023, and before the effective date of this amendment.

Additionally, 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 increase compliance costs. This urgency is intended to preserve public peace, health, and safety, allowing the bill to take effect immediately upon passage.

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