OH HB749

Amends section 5747.01 of the Ohio Revised Code to temporarily suspend bonus depreciation add-back provisions for taxpayers with federal net operating losses in taxable years ending in 2020 or 2021.

Modifies division (A)(17)(a)(v) to exempt taxpayers with federal NOLs in 2020 or 2021 from adding back five-sixths of depreciation expense allowed under IRC section 168(k) and qualifying section 179 depreciation expense.

Modifies division (A)(18)(c) to allow deductions related to depreciation for taxable years including federal NOL carrybacks from 2020 or 2021 tax years, instead of denying such deductions entirely.

Creates legislative intent statement clarifying that taxpayers with federal NOLs in 2020 or 2021 must still comply with add-back requirements under divisions (A)(17)(a)(i) to (iv) as applicable.