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 accordingly. The bill clarifies that any references to the Internal Revenue Code or other U.S. laws will reflect their status as of the effective date, except for specific instances where a date certain is specified.

Additionally, 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 in effect for federal income tax purposes, should those provisions differ from what would otherwise apply under Ohio law. This provision aims to simplify tax compliance and avoid unnecessary adjustments on 2024 tax returns. The bill is declared an emergency measure, emphasizing the need for immediate implementation to preserve public peace, health, and safety.

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