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Bill Title: On that date, to contingently revise the 9-1-1 law, to expressly incorporate changes in the Internal Revenue Code since March 7, 2011, into Ohio law, to extend the existing commercial activity tax exemption for "qualified distribution centers" to include precious metal refineries in the Appalachian region, thereby exempting suppliers of unrefined metals to such a refinery from the tax to the extent that the refinery ships the refined metals outside Ohio, to permit, for a limited time, the abatement of unpaid property taxes, penalties, and interest owed on property owned by a municipal corporation that would have been tax exempt except for a failure to comply with certain tax-exemption procedures, to contingently make an appropriation, and to declare an emergency.
Spectrum: Slight Partisan Bill (Republican 12-6)
Status: (Passed) 2012-12-20 - Effective Date
[HB472 Detail]Download: Ohio-2011-HB472-Introduced.html
As Introduced
129th General Assembly | Regular Session | 2011-2012 |
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A BILL
| To amend section 5701.11 of the Revised Code to | 1 |
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expressly incorporate changes in the Internal | 2 |
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Revenue Code since March 7, 2011, into Ohio law | 3 |
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and to declare an emergency. | 4 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 5701.11 of the Revised Code be | 5 |
amended to read as follows: | 6 |
Sec. 5701.11. The effective date to which this section | 7 |
refers is the effective date of this section as amended by H.B. 58 | 8 |
...B.... of the 129th general assembly. | 9 |
(A)(1) Except as provided under division (A)(2) or (B) of | 10 |
this section, any reference in Title LVII of the Revised Code to | 11 |
the Internal Revenue Code, to the Internal Revenue Code "as | 12 |
amended," to other laws of the United States, or to other laws of | 13 |
the United States, "as amended," means the Internal Revenue Code | 14 |
or other laws of the United States as they exist on the effective | 15 |
date. | 16 |
(2) This section does not apply to any reference in Title | 17 |
LVII of the Revised Code to the Internal Revenue Code as of a date | 18 |
certain specifying the day, month, and year, or to other laws of | 19 |
the United States as of a date certain specifying the day, month, | 20 |
and year. | 21 |
(B)(1) For purposes of applying section 5733.04, 5745.01, or | 22 |
5747.01 of the Revised Code to a taxpayer's taxable year ending | 23 |
after December 15, 2010March 7, 2011, and before the effective | 24 |
date, a taxpayer may irrevocably elect to incorporate the | 25 |
provisions of the Internal Revenue Code or other laws of the | 26 |
United States that are in effect for federal income tax purposes | 27 |
for that taxable year if those provisions differ from the | 28 |
provisions that, under division (A) of this section, would | 29 |
otherwise apply. The filing by the taxpayer for that taxable year | 30 |
of a report or return that incorporates the provisions of the | 31 |
Internal Revenue Code or other laws of the United States | 32 |
applicable for federal income tax purposes for that taxable year, | 33 |
and that does not include any adjustments to reverse the effects | 34 |
of any differences between those provisions and the provisions | 35 |
that would otherwise apply, constitutes the making of an | 36 |
irrevocable election under this division for that taxable year. | 37 |
(2) Elections under prior versions of division (B)(1) of this | 38 |
section remain in effect for the taxable years to which they | 39 |
apply. | 40 |
Section 2. That existing section 5701.11 of the Revised Code | 41 |
is hereby repealed. | 42 |
Section 3. This act is hereby declared to be an emergency | 43 |
measure necessary for the immediate preservation of the public | 44 |
peace, health, and safety. The reason for such necessity lies in | 45 |
the need to update Ohio's tax law to enable taxpayers to rely on | 46 |
recent rules, rulings, and interpretations of the Internal Revenue | 47 |
Service for their 2011 tax returns. Therefore, this act shall go | 48 |
into immediate effect. | 49 |