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Ohio Updates IRC Conformity – Tax & Accounting Blog

Ohio has updated its Internal Revenue Code (IRC) conformity to incorporate changes to the IRC taking effect after March 30, 2017. The incorporated changes include the federal:

– Tax Cuts and Jobs Act; and

– Bipartisan Budget Act of 2018.

The changes include:

– for tax years 2018 through 2025 defines “dependents” as defined in the IRC; and

– expands Ohio’s 529 education savings plan to include expenses for private or parochial K-12 education expenses.

The updated definition of “dependents” removes the requirement that dependents be claimed on a federal income tax return. The federal exemption was temporarily suspended by the Tax Cuts and Jobs Act.

S.B. 22. Laws 2018, effective March 30, 2018; Press Release, Ohio Department of Taxation, April 2, 2018
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Author: CCHTaxGroup

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