HB 601 Summary

• Allows Ohio taxpayers to continue claiming certain federal tax deductions and credits on their state income tax returns even after those provisions expire federally, including teacher classroom expenses, student loan interest, qualified tuition expenses, and charitable distributions from IRAs

• Creates section 5747.014 of the Revised Code to permit adjustments for expired federal tax provisions relating to depreciation, energy efficiency credits, small business stock gains, and various other business and individual incentive provisions

• Applies retroactively to tax year 2014 and later to ensure taxpayers can claim these incentives on their Ohio returns regardless of federal renewal status

• Declares the measure an emergency effective immediately to preserve taxpayer access to income tax incentives for the 2014 tax year