State Senator Larry Obhof (R-Medina) announced the Senate’s passage of legislation today aimed at making it easier for Ohioans to save money for their children’s education.
Senator Obhof co-sponsored Senate Bill 6, which increases the maximum income tax deduction allowed for contributions to a 529 college savings plan from $2,000 to $10,000 per year for each child.
“Senate Bill 6 will help Ohio’s families save for a college education,” said Obhof. “With rising tuition costs, it is more important than ever that we provide parents with the ability to prepare for their children’s future.”
In 2013, the average student loan debt for Ohio college graduates was $29,090, which is higher than the national average. Over 640,000 Ohioans invest in 529 college savings plans.
The bill would also establish the Joint Committee on Ohio College Affordability, which will recommend strategies for reducing the cost of attending college in Ohio. The Joint Committee, composed of five members from each chamber of the Ohio legislature, would be required to submit a report to the Governor and General Assembly no later than one year after the effective date.
The legislation passed the Senate by a bipartisan vote of 32-1 and will now go to the Ohio House of Representatives for further consideration.