OH HB419

Adds division (A)(28) to section 5747.01 of the Revised Code to create an income tax deduction for Ohio college opportunity grants and federal Pell grants used for room and board expenses.

The deduction applies to grant amounts received by a taxpayer, spouse, or dependent that are used to pay room or board furnished by the educational institution where the grant was awarded, including meal plans administered by the institution.

Grant amounts are considered "received" whether distributed directly to the educational institution or credited to the enrollee's account with the institution.

The deduction is limited to amounts not otherwise deducted or excluded in computing federal or Ohio adjusted gross income for the taxable year.

The amendment applies to taxable years ending on or after the effective date of the act.