Bill > HB14

This bill updates Ohio's tax law to incorporate recent changes in the Internal Revenue Code (IRC) by modifying section 5701.11 of the Revised Code. Specifically, the bill updates the reference date for federal tax provisions from February 17, 2022 to March 15, 2023, which allows taxpayers with taxable years ending after March 15, 2023, to make an irrevocable election to use the most current federal tax provisions when filing their state tax returns. This election means taxpayers can choose to apply the most recent federal tax rules to their Ohio state tax filings, potentially simplifying their tax reporting process. The bill is declared an emergency measure, with the stated purpose of helping taxpayers avoid complex adjustments on their 2024 tax returns and reducing compliance costs. By providing this flexibility, the legislation aims to align Ohio's tax code more closely with current federal tax regulations and reduce administrative burden for taxpayers.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb14