OH SB279

Adds division (A)(28) to section 5747.01 of the Revised Code to allow individuals to deduct gains from the sale, exchange, or involuntary conversion of section 1245 property or section 1250 property, including their share of such gains from pass-through entities.

Restricts the deduction to property purchased in 2011 or 2012 from a person located in Ohio and held by the taxpayer or pass-through entity for at least two years.

Adds division (S)(15) creating a comparable deduction for estates and trusts that realize gains from the sale, exchange, or involuntary conversion of section 1245 or section 1250 property meeting the same holding period and purchase requirements.

The deduction applies only to the extent gains are apportionable or allocable to Ohio under existing state law provisions governing income allocation and apportionment.

Specifies that section 1245 property and section 1250 property have the same meanings as in the Internal Revenue Code, with the additional requirement that property must have been purchased from an Ohio-located person.