OSCPA staff report
OSCPA-backed Senate Bill 10, the annual federal/state tax conformity legislation and the accompanying emergency clause, passed the Ohio Senate on Wednesday with a vote of 30-0.
The two federal acts requiring the update to Ohio’s code are H.R. 5376—the Inflation Reduction Act from August 2022, and H.R. 2617—the Consolidated Appropriations Act from December 2022. Click here to read the most significant changes affecting Ohio law.
Last week, Greg Saul, director of tax policy for The Ohio Society of CPAs, spoke before the Ohio Senate Ways & Means Committee, stating that OSCPA has advocated for tax simplicity for years and S.B. 10 can help in that effort.
Saul said OSCPA also strongly supports the emergency clause given that the normal 90-day effective date for legislation would already occur after the current tax deadline of April 18. Read his complete testimony here.
Sen. Kent Smith, D-Euclid, quoted that OSCPA testimony twice on the Senate floor on Feb. 8, mentioning the “add-backs” taxpayers will have to make on their 2022 income tax returns if the bill isn’t enacted.
S.B. 10 now heads to the Ohio House Ways & Means Committee for hearings.