H.B. 524 Summary

• Expands the Ohio income tax deduction for 529 college savings contributions to include programs established by other states, not just Ohio's program

• Modifies sections 5747.01 and 5747.70 of the Revised Code to allow taxpayers to deduct contributions to any state-sponsored 529 qualified tuition program under IRC Section 529

• Maintains the $4,000 annual deduction limit per beneficiary regardless of whether contributions are made to Ohio or out-of-state 529 programs

• Allows taxpayers to carry forward excess contributions beyond $4,000 in any year to future tax years until fully deducted

• Effective for taxable years beginning on or after January 1, 2017, with grandfather protections for excess contributions in prior years