HB 193 Summary

• Expands Ohio's income tax deduction for educational savings to include contributions to 529 plans established by other states, not just Ohio's plans

• Modifies sections 5747.01 and 5747.70 of the Revised Code to allow deductions for contributions to any qualified tuition program under federal tax code section 529

• Maintains the existing $4,000 annual deduction limit per beneficiary for combined contributions and purchases across all 529 plans

• Allows carryforward of excess contributions to future years until fully deducted, consistent with current Ohio law

• Effective for taxable years beginning January 1, 2019; preserves taxpayers' ability to carry forward unused deductions from prior years