summary
Introduced
03/21/2023
03/21/2023
In Committee
06/07/2023
06/07/2023
Crossed Over
12/10/2024
12/10/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
135th General Assembly (2023-2024)
Bill Summary
To amend sections 5747.70 and 5747.78 of the Revised Code to modify the income tax deductions for contributions to 529 plans and ABLE accounts.
AI Summary
This bill modifies the income tax deductions for contributions to 529 plans (tax-advantaged college savings accounts) and ABLE accounts (tax-advantaged savings accounts for individuals with disabilities) in Ohio. Specifically, it increases the annual contribution limit for 529 plans from $4,000 to $8,000 for joint filers and $4,000 for other taxpayers, and indexes these limits to inflation going forward. It also aligns the annual contribution limit for ABLE accounts with the new 529 plan limits. The bill repeals the existing sections of the Ohio Revised Code related to these tax deductions and replaces them with the updated provisions.
Committee Categories
Budget and Finance
Sponsors (36)
Adam Mathews (R)*,
Nick Santucci (R)*,
Cindy Abrams (R),
Sean Brennan (D),
Sara Carruthers (R),
Thad Claggett (R),
Jon Cross (R),
Rick Dell'Aquila (D),
Steve Demetriou (R),
Dave Dobos (R),
Tex Fischer (R),
Elliot Forhan (D),
Michele Grim (D),
Brett Hillyer (R),
Don Jones (R),
Angie King (R),
Roy Klopfenstein (R),
Brian Lampton (R),
Beth Lear (R),
Brian Lorenz (R),
Joe Miller (D),
Melanie Miller (R),
Ismail Mohamed (D),
Scott Oelslager (R),
Thomas Patton (R),
Bob Peterson (R),
Tracy Richardson (R),
Elgin Rogers (D),
Jean Schmidt (R),
Bill Seitz (R),
Dan Troy (D),
Andrea White (R),
Scott Wiggam (R),
Josh Williams (R),
Bernie Willis (R),
Tom Young (R),
Last Action
Introduced (on 12/17/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legislature.ohio.gov/legislation/135/hb125 |
| Fiscal Note - As Reported By House Committee | https://www.legislature.ohio.gov/download?key=21169&format=pdf |
| Analysis - As Reported By House Committee | https://www.legislature.ohio.gov/download?key=21095&format=pdf |
| BillText | https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_135/bills/hb125/RH/01/hb125_01_RH?format=pdf |
| Fiscal Note - As Introduced | https://www.legislature.ohio.gov/download?key=20924&format=pdf |
| Analysis - As Introduced | https://www.legislature.ohio.gov/download?key=20827&format=pdf |
| BillText | https://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_135/bills/hb125/IN/00/hb125_00_IN?format=pdf |
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