SB33 Summary

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

• Maintains the annual deduction limit of $4,000 per beneficiary for combined contributions and purchases.

• Allows unused deductions to carry forward to future tax years until fully claimed.

• Applies to taxable years beginning on or after January 1, 2023.

• Modifies community reinvestment area governance to clarify terminology regarding political subdivisions, housing officers, and administrative procedures.