S.B. No. 247 Summary

• Amends section 5747.01 of the Ohio Revised Code to expand definitions and tax treatment provisions related to business income and capital gains.

• Adds new definition of "Business income" that explicitly includes gains or losses from the sale or disposition of goodwill and the sale of equity or ownership interests in a business under specified conditions.

• Requires the seller to have materially participated in the business activities during the taxable year of sale or during any of the five preceding taxable years, or the sale must be treated as a sale of assets for federal income tax purposes.

• Establishes retroactive application as a remedial measure clarifying existing law for pending petitions for reassessment, refund applications, and audits by the Department of Taxation.