The bill introduced by Senator Schaffer aims to amend sections 5747.15 and 5751.06 of the Revised Code and to enact a new section, 5739.125, which provides a waiver of penalties for taxpayers who fail to file certain tax returns when no tax is due. Specifically, the new section 5739.125 states that the tax commissioner shall not impose any penalties or interest for the failure to file a return if no tax amount is due. Additionally, similar provisions are included in the amendments to sections 5747.15 and 5751.06, ensuring that no penalties or interest will be applied for failure to file a return under these circumstances.

The bill also repeals existing sections 5747.15 and 5751.06, effectively replacing them with the new language that emphasizes the waiver of penalties for non-filing when no tax is owed. This legislative change is intended to alleviate the burden on taxpayers who may otherwise face penalties for not filing returns that do not result in any tax liability. The amendments and new enactments will apply to returns or reports required to be filed on or after the effective date of the bill.

Statutes affected:
As Introduced: 5747.15, 5751.06