COLUMBUS—This week, State Senator Jay Hottinger (R-Newark) joined colleague State Senator John Eklund (Munson Township) in introducing legislation aimed at helping Ohio families save for college and disability related expenses. Senate Bill 5 increases the maximum income tax deduction to $10,000 per beneficiary for contributions to college savings accounts and disability expense savings accounts.
“Senate Bill 5 is an important piece of legislation in pursuit of the Ohio Senate’s goal to reduce the financial burden of higher education because it will allow Ohio taxpayers to keep more of their hard earned money if it is set aside into a college savings account. The legislation also helps families who have a child with a disability by increasing the maximum tax deductions for Ohio’s ABLE saving accounts.”
By 2020, it is expected that 64 percent of new jobs in Ohio will require a postsecondary education. Senate Bill 5 helps to ensure that Ohio’s workforce is ready for the future and helps families to prepare for future education-related expenses.
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 have more post-tax dollars available to spend on treatments that arise from the disability. Senate Bill 5 will build on the success of this program, alleviating some of the financial burden associated with raising a child with a disability.
Senator Jay Hottinger recognizes the financial burdens associated with providing medical care for a loved one living with a disability. Last year, Hottinger was named Legislator of the Year for the Ohio Association of County Boards of Developmental Disability.
“Ohio should always look for ways to help those with disabilities succeed and Senate Bill 5 will be one more tool that families can use to help their children lead fulfilling lives," said Hottinger.