Senate Bill 18 has now become law. With the governor’s signature this week, Ohio’s tax laws will now be brought in line with federal changes to the Internal Revenue Code.
The bill also includes important provisions related to the commercial activity tax (CAT). These provisions ensure that both second draw Paycheck Protection Program loans that are forgiven and Bureau of Workers’ Compensation dividends paid to employers in 2020 and 2021 are not subject to the CAT. Since the measure included an emergency clause, these changes are effective immediately, in time for the new May 17 tax deadline. 4/1/2021