SB 177 Summary

• Amends Ohio tax law (section 5747.01) to partially decouple from recent federal tax law changes, including provisions addressing depreciation deductions related to Section 168(k) and Section 179 of the Internal Revenue Code.

• Adds three new tax adjustments: (1) excluding certain unemployment benefits from federal adjusted gross income (for 2009 tax year), (2) addressing net operating loss elections under the American Recovery and Reinvestment Act of 2009, and (3) handling debt discharge income elections under IRC Section 108(i).

• Allocates education funding across multiple fund groups with total appropriations of approximately $12.1 billion, including $7.5+ billion in General Revenue Fund allocations and significant federal stimulus funding for education programs.

• Increases funding for certain auxiliary services and nonpublic school administrative reimbursement accounts by approximately $24 million each.

• Directs transfer of cash balances from three Department of Public Safety funds to the General Revenue Fund and modifies distribution of traffic violation fines for fiscal years 2010-2011.