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OH SB108
Bill
Status
4/16/2013
Primary Sponsor
Shannon Jones
Click for details
AI Summary
SB 108 Summary
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Repeals the income tax deduction for wagering losses (striking division (A)(29) of section 5747.01).
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Increases the adoption tax credit from $1,500 to $10,000 per minor child legally adopted, with excess credits allowed to carry forward for five taxable years instead of two.
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Increases the maximum annual income tax deduction for college savings program contributions from $2,000 to $10,000 per beneficiary, with excess amounts allowed to carry forward to future taxable years.
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Reorders the tax credit claim sequence under section 5747.98, moving the adoption credit to position 24 (later in the sequence) from position 17.
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Applies to taxable years ending on or after the effective date of the act.
Legislative Description
To repeal the income tax deduction for wagering losses, to increase the income tax credit for the legal adoption of a child to $10,000 for each child, and to increase the maximum income tax deduction for college savings contributions to $10,000 annually for each beneficiary.
Repeal wagering loss deduction/increase adoption credit/college savings deduction
Last Action
To Ways & Means
4/16/2013