OH HB515

Adds new division (A)(35) to allow taxpayers to deduct 100% of capital gains from sales of qualifying interests in Ohio venture capital operating companies investing in Ohio businesses, and 50% of gains from investments in all other businesses, effective for taxable years beginning in or after 2026.

Modifies the definition of "business income" in division (B) to explicitly include gains or losses from the sale of an equity or ownership interest in a business, with specific conditions regarding asset sales and material participation by the seller.

Changes sports gaming reporting requirements: casino operators must file daily returns before noon, while sports gaming proprietors must file monthly returns by the 15th of each month instead of daily filings.

Adds promotional gaming credit deductions to the definition of "sports gaming receipts," with 10% deductible from January 1, 2027 through December 31, 2031, and 20% deductible from January 1, 2032 forward.

Makes the section 5747.01 amendments a remedial measure applicable to pending petitions for reassessment, appeals, and applications for refund, while sports gaming amendments apply from the first day of the first month after the bill's effective date.