OH HB495

Updates section 5701.11 of the Revised Code to incorporate changes in the Internal Revenue Code made after October 16, 2009, into Ohio tax law.

Allows taxpayers to irrevocably elect to use federal income tax provisions for taxable years ending after October 16, 2009 and before the effective date of this act if those provisions differ from Ohio law.

Suspends operation of sections 101.82, 101.83, 101.84, 101.85, 101.86, and 101.87 of the Revised Code and Section 6 of Am. Sub. H.B. 516 from the effective date through July 1, 2011, postponing the sunset review law that would otherwise expire December 31, 2010.

Declares the act an emergency measure effective immediately to prevent uncertainty regarding Ohio tax law and allow the General Assembly time to enact legislation specifying how the sunset review law will operate.