OH SB7

Amends section 5701.11 of the Revised Code to incorporate changes in the Internal Revenue Code effective as of December 15, 2010, into Ohio tax law.

References to the Internal Revenue Code or other U.S. federal tax laws in Ohio's tax code mean those laws as they exist on the effective date, except when a specific date is referenced.

Allows taxpayers with taxable years ending after December 15, 2010, and before the effective date to irrevocably elect to use federal tax provisions that differ from Ohio's default provisions by filing a return incorporating those provisions without adjustments.

Preserves the validity of elections made under prior versions of this provision for the taxable years to which they apply.

Declares the act an emergency measure to immediately clarify Ohio's income tax base and tax liability laws, making it effective immediately upon passage.