Ohio Senate Passes Bill Expanding College-Savings Deduction

The Ohio state Senate on Wednesday unanimously passed legislation to permit more families to take advantage of an income-tax deduction that incentivizes saving for college. 

The measure sponsored by Senators Jay Hottinger (R-OH-Newark) and Andrew Brenner (R-OH-Delaware) applies the deduction to all savings programs nationwide established under Section 529 of the federal Internal Revenue Code. Current law allows Ohioans to take the deduction only for contributions to Ohio’s own 529 program.

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