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OH SB28
Bill
Status
3/22/2013
Primary Sponsor
Terry Boose
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AI Summary
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Updates Ohio tax law to incorporate Internal Revenue Code changes made after December 20, 2012, by amending sections 5701.11 and 5751.01 of the Revised Code.
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Allows taxpayers with taxable years ending after December 20, 2012 to irrevocably elect to use current federal tax provisions if they differ from provisions that would otherwise apply under Ohio law.
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Permits distribution centers that do not currently meet qualification requirements to obtain a qualifying certificate if they demonstrate they will meet requirements within 36 months, with a $500,000 annual penalty if they fail to qualify by the deadline.
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Establishes that suppliers relying in good faith on qualifying certificates issued by the tax commissioner are not subject to tax on qualifying distribution center receipts, and certificate holders are liable for $500,000 penalties per year for certificates that should not have been issued.
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Declares the act an emergency measure effective immediately to prevent taxpayers from having to make additional adjustments on 2012 tax returns.
Legislative Description
To expressly incorporate changes in the Internal Revenue Code since December 20, 2012, into Ohio law, to allow a distribution center to qualify for the commercial activity tax exclusion for receipts from sales to qualified distribution centers if it does not currently meet the exclusion requirements but expects to meet those requirements within three years, and to declare an emergency.
Internal Revenue Code-incorporate changes into Ohio law
Last Action
Effective Date
3/22/2013