OH SB244

Increases the maximum annual Ohio income tax deduction for college savings contributions from $2,000 to $10,000 per beneficiary in Section 5747.70 of the Revised Code.

Allows excess contributions beyond the $10,000 annual limit to be carried forward and deducted in future taxable years until fully deducted.

Creates a Joint Committee on Ohio College Affordability composed of five Senate members and five House members appointed by the President of the Senate and Speaker of the House respectively.

Requires the committee to study and develop strategies to reduce college and university costs in Ohio, consulting with the Ohio Board of Regents Chancellor and higher education institutions, with findings due by March 31, 2014.

Declares the act an emergency measure effective immediately, citing rising higher education costs as placing financial burdens on Ohio families and individuals.