Jennifer Gross | The Ohio House of Representatives
Jennifer Gross | The Ohio House of Representatives
The Ohio House of Representatives recently approved legislation aimed at updating tax deductions for contributions to state 529 plans and ABLE savings accounts. State Representative Jennifer Gross (R-West Chester) announced the unanimous passage of House Bill 48.
The bill proposes raising the annual deduction limit for married, joint filers contributing to these accounts to $8,000. Additionally, it will index these limits to inflation starting in 2026.
Currently, a 'marriage penalty' exists where married couples filing separately can each deduct $4,000, but those filing jointly are limited to a total deduction of $4,000. House Bill 48 seeks to correct this by allowing joint filers an $8,000 deduction.
"This legislation supports Ohio families as they invest in education and the future wellbeing of their children,” Gross stated.
The bill now moves to the Ohio Senate for consideration.
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