COLUMBUS—Ohio Senate President Larry Obhof (R-Medina) announced today the passage of Senate Bill 5, which helps Ohio families save for college and disability-related expenses. This bill doubles the maximum income tax deduction to $4,000 per beneficiary for contributions to college savings accounts and disability expense savings accounts. 

The Senate has championed efforts to reduce the costs of a college education for Ohio's students and their families, and this legislation allows them to save more money over time in order to prepare for higher education costs. The bill also establishes the Joint Committee on Ohio College Affordability to study and develop innovative strategies to reduce the cost of attending college in the state.

During the last General Assembly, Ohio established Achieving a Better Life Experience (ABLE) saving accounts, so that families with a mentally or physically disabled child can save money to spend on treatments that arise from the disability.

"This bill will help families throughout the state of Ohio save for education," said Obhof, who co-sponsored the bill. "It also builds on the success of the ABLE program and will help alleviate some of the financial burdens associated with raising a child with a disability." 

Senate Bill 5 now goes to the House of Representatives for further consideration. Similar language is contained in the Senate's version of the biennial state budget, announced earlier this week. 

National Missing Children's Day
Senate Bill 86 designating May 25 as "National Missing Children's Day" also passed the Senate today. This legislation is aimed at raising awareness about missing children and providing support for families coping with the tragedy of a missing child.

 
 
 
  
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