The bill amends section 5701.11 of the Revised Code to align Ohio law with changes in the Internal Revenue Code that have occurred since March 15, 2023. It specifies that any references to the Internal Revenue Code in certain sections of the Revised Code will now refer to the Code as it exists on the effective date of the amendment. Additionally, it allows taxpayers to irrevocably elect to incorporate provisions of the Internal Revenue Code that were in effect for their taxable year ending after March 15, 2023, and before the effective date of this amendment, if those provisions differ from what would otherwise apply.

The bill also repeals the existing section 5701.11 and declares an emergency, stating that the immediate effect of the bill is necessary to help taxpayers avoid making adjustments on their 2024 tax returns that could increase compliance costs. The changes aim to streamline tax compliance for Ohio taxpayers by ensuring that they can utilize the most current federal tax provisions without unnecessary complications.

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