OH HB14

Updates Ohio Revised Code section 5701.11 to incorporate federal Internal Revenue Code changes made since March 15, 2023, into Ohio tax law

Applies to references in Title LVII and sections governing records retention, child support, lottery, and casino gaming (sections 149.311, 3123.90, 3770.073, 3772.37)

Allows taxpayers with taxable years ending after March 15, 2023 to irrevocably elect to use federal IRC provisions in effect for that year when applying Ohio franchise tax, petroleum activity tax, or income tax

Declared an emergency measure to take immediate effect, enabling taxpayers to avoid making miscellaneous adjustments on 2024 tax returns that would increase compliance costs