2006 Ohio 5701.11. Incorporation of changes to Internal Revenue Code; taxpayer election to incorporate federal law in effect for that taxable year.
§ 5701.11. Incorporation of changes to Internal Revenue Code; taxpayer election to incorporate federal law in effect for that taxable year.
(A) Except as provided under division (B) of this section, any reference in Title LVII of the Revised Code to the Internal Revenue Code, to the Internal Revenue Code "as amended," to other laws of the United States, or to other laws of the United States, "as amended" means the Internal Revenue Code or other laws of the United States as they exist on the effective date of this section as enacted by H.B. 530 of the 126th general assembly. This section does not apply to any reference to the Internal Revenue Code or to other laws of the United States as of a date certain specifying the day, month, and year.
(B) For purposes of applying
section 5733.04,
5745.01, or
5747.01 of the Revised Code to a taxpayer's taxable year ending in 2005, and also to the subsequent taxable year if it ends before the effective date of this section, a taxpayer may irrevocably elect to incorporate the provisions of the Internal Revenue Code or other laws of the United States that are in effect for federal income tax purposes for those taxable years if those provisions differ from the provisions that would otherwise be incorporated into
section 5733.04,
5745.01, or
5747.01 of the Revised Code for those taxable years under division (A) of this section. The filing of a report or return by the taxpayer for the taxable year ending in 2005 that incorporates the provisions of the Internal Revenue Code or other laws of the United States applicable for federal income tax purposes to that taxable year, without adjustments to reverse the effects of any differences between those provisions and the provisions that would otherwise be incorporated under division (A) of this section, constitutes the making of an irrevocable election under this division for that taxable year and for the subsequent taxable year if it ends before the effective date of this section.
HISTORY: 151 v H 530, § 101.01, eff. 3-30-06.
The effective date is set by § 818.03 of 151 v H 530.
Not analogous to former RC § 5701.11 (GC § 5415), repealed 125 v H 1065, eff 10-1-53.
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