OH HB358

Amends Ohio tax law to allow taxpayers a deduction from federal adjusted gross income for amounts contributed to ABLE savings accounts established under sections 113.50 to 113.56 of the Revised Code.

Contributions must not have been previously deducted in computing federal adjusted gross income to qualify for the Ohio deduction.

Annual deduction limit per beneficiary matches the contribution limit prescribed in section 5747.70 of the Revised Code, with excess contributions able to be carried forward to future tax years.

Applies to taxable years beginning in or after the calendar year when the act takes effect.