(A)(1) Except as provided under division (A)(2) or (B) of | 15 |
this section, any reference in Title LVII of the Revised Code to | 16 |
the Internal Revenue Code, to the Internal Revenue Code "as | 17 |
amended," to other laws of the United States, or to other laws of | 18 |
the United States, "as amended," means the Internal Revenue Code | 19 |
or other laws of the United States as they exist on the effective | 20 |
date. | 21 |
(B)(1) For purposes of applying section 5733.04, 5745.01, or | 27 |
5747.01 of the Revised Code to a taxpayer's taxable year ending | 28 |
after December 30, 2008October 16, 2009, and before the effective | 29 |
date, a taxpayer may irrevocably elect to incorporate the | 30 |
provisions of the Internal Revenue Code or other laws of the | 31 |
United States that are in effect for federal income tax purposes | 32 |
for that taxable year if those provisions differ from the | 33 |
provisions that, under division (A) of this section, would | 34 |
otherwise apply. The filing by the taxpayer for that taxable year | 35 |
of a report or return that incorporates the provisions of the | 36 |
Internal Revenue Code or other laws of the United States | 37 |
applicable for federal income tax purposes for that taxable year, | 38 |
and that does not include any adjustments to reverse the effects | 39 |
of any differences between those provisions and the provisions | 40 |
that would otherwise apply, constitutes the making of an | 41 |
irrevocable election under this division for that taxable year. | 42 |
Section 3. During the period beginning on the effective date | 48 |
of this section and ending on July 1, 2011, the operation of | 49 |
sections 101.82, 101.83, 101.84, 101.85, 101.86, and 101.87 of the | 50 |
Revised Code and Section 6 of Am. Sub. H.B. 516 of the 125th | 51 |
General Assembly is suspended. Upon the ending of the period of | 52 |
suspension, sections 101.82, 101.83, 101.84, 101.85, 101.86, and | 53 |
101.87 of the Revised Code and Section 6 of Am. Sub. H.B. 516 of | 54 |
the 125th General Assembly, in either their present form or as | 55 |
they are in the meantime amended or re-enacted, again become fully | 56 |
operational. | 57 |
Section 5. This act is an emergency measure necessary for the | 63 |
immediate preservation of the public peace, health, and safety. | 64 |
The sunset review law is scheduled to operate on December 31, | 65 |
2010, as a matter of law. But the General Assembly needs more time | 66 |
to consider and enact legislation specifying how that operation is | 67 |
to occur. In the absence of that specifying legislation, allowing | 68 |
the sunset review law to operate automatically could have | 69 |
unintended effects, and also could result in uncertainty and | 70 |
confusion. Furthermore, the law that generally will apply to Ohio | 71 |
taxpayers beginning on January 1, 2011, will not be clear without | 72 |
the incorporation of recent changes in the Internal Revenue Code | 73 |
into Ohio law. Therefore, this act goes into immediate effect. | 74 |