Ohio State Conformity with Federal Bonus Depreciation May Require 2010 Amended Return

On March 7, 2011, Governor John Kasich signed Substitute House Bill (H.B.) 58 that brings Ohio law into conformity with the federal tax code. The bill was signed into law as an emergency measure and became effective with the governor's signature (March 7, 2011). The provisions bring Ohio into conformity with federal tax law changes enacted near the end of December 2010 that occurred too late for the Ohio General Assembly and governor to address.

The conformity with the federal law may affect Ohio corporations and pass-through entities if they have assets placed in service after September 8, 2010 and claimed the federal 100% bonus depreciation.

For corporations filing Form FT 1120, if the return was prepared and filed using the TurboTax Business for Ohio Corporations released early February, an amended return is required to receive the benefit of the federal law conformity.

For pass-through entities filing Form IT 1140 or IT 4708, if the return was prepared and filed using the TurboTax Business for Ohio Corporations or Pass-Through Entities released early February and the return included a manual Ohio adjustment for the additional bonus depreciation, an amended return is required to receive the benefit of the federal law conformity.