OSCPA offered proponent testimony before the House Ways and Means Committee on Tuesday for Senate Bill 10, the annual federal/state tax conformity legislation. The bill then passed the Ohio House on Wednesday with an emergency clause by a vote of 88-7. It previously passed the Ohio Senate on Feb. 8 with a vote of 30-0.
Greg Saul, director of tax policy for The Ohio Society of CPAs, spoke before the committee, stating that OSCPA has advocated for tax simplicity for years and unless the Ohio General Assembly and the Governor again amend the Ohio Revised Code, many taxpayers will have to make “add-backs” on their 2022 income tax returns.
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.
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.
S.B. 10 now heads to Governor DeWine and will become law immediately upon his signature.