Ohio HB48 modifies tax deductions for 529 plan and ABLE account contributions.
Ohio HB48 amends the tax code to modify deductions for contributions to 529 plans and ABLE accounts. It specifies how contributions and refunds are treated in calculating Ohio adjusted gross income. For 529 plans, it allows a deduction for contributions up to a certain limit, with excess contributions carried forward. For ABLE accounts, it sets an annual contribution limit and allows deductions for contributions up to that limit.
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