Ohio Tax Department Issues Updated Income Tax Information on State’s Conformity With Internal Revenue Code

The Ohio Department of Taxation Feb. 18 issued updated information on the conformity of the state’s laws to the Internal Revenue Code (IRC), for individual income purposes. The state is currently in conformity with the IRC as it existed on Feb. 17. The state is therefore in conformity for tax years 2021 and prior. The department states that a taxpayer can irrevocably elect either: 1) the version of the IRC adopted by the state as of the end of the taxpayer’s taxable year; or 2) the version of the IRC as it existed after the state’s conformity on Feb. 17. ...