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(136th General Assembly)
(Amended
House Bill Number 14)
AN ACT
To amend section 5701.11 of the
Revised Code to expressly incorporate changes in the Internal Revenue
Code since March 15, 2023, into Ohio law and to declare an emergency.
Be
it enacted by the General Assembly of the State of Ohio:
Section
1.
That
section 5701.11 of the Revised Code be amended to read as follows:
Sec.
5701.11.
The
effective date to which this section refers is the effective date of
this section as amended by
S.B.
10
H.B.
14
of
the
135th
136th
general
assembly.
(A)(1)
Except as provided under division (A)(2) or (B) of this section, any
reference in Title LVII or section 149.311, 3123.90, 3770.073, or
3772.37 of the Revised Code to the Internal Revenue Code, to the
Internal Revenue Code "as amended," to other laws of the
United States, or to other laws of the United States, "as
amended," means the Internal Revenue Code or other laws of the
United States as they exist on the effective date.
(2)
This section does not apply to any reference in Title LVII of the
Revised Code to the Internal Revenue Code as of a date certain
specifying the day, month, and year, or to other laws of the United
States as of a date certain specifying the day, month, and year.
(B)(1)
For purposes of applying section 5733.04, 5745.01, or 5747.01 of the
Revised Code to a taxpayer's taxable year ending after
February
17, 2022
March
15, 2023
,
and before the effective date, a taxpayer may irrevocably elect to
incorporate the provisions of the Internal Revenue Code or other laws
of the United States that are in effect for federal income tax
purposes for that taxable year if those provisions differ from the
provisions that, under division (A) of this section, would otherwise
apply. The filing by the taxpayer for that taxable year of a report
or return that incorporates the provisions of the Internal Revenue
Code or other laws of the United States applicable for federal income
tax purposes for that taxable year, and that does not include any
adjustments to reverse the effects of any differences between those
provisions and the provisions that would otherwise apply, constitutes
the making of an irrevocable election under this division for that
taxable year.
(2)
Elections under prior versions of division (B)(1) of this section
remain in effect for the taxable years to which they apply.
Section
2.
That
existing section 5701.11 of the Revised Code is hereby repealed.
Section
3.
This
act is hereby declared to be an emergency measure necessary for the
immediate preservation of the public peace, health, and safety. The
reason for such necessity is to enable taxpayers to avoid making
miscellaneous adjustments on their 2024 tax returns that increase
costs of compliance. Therefore, this act shall go into immediate
effect.
Speaker
___________________ of the House of Representatives.
President
___________________ of the Senate.
Passed
________________________, 20____
Approved
________________________, 20____
Governor.
The section numbering of law
of a general and permanent nature is complete and in conformity with
the Revised Code.
Director, Legislative
Service Commission.
Filed
in the office of the Secretary of State at Columbus, Ohio, on the
____ day of ___________, A. D. 20____.
Secretary of State.
File
No. _________ Effective Date ___________________