OH HB48

Doubles the Ohio income tax deduction limit for 529 education savings plan contributions from $4,000 to $8,000 per beneficiary for joint filers ($4,000 for other taxpayers) starting in tax year 2025

Applies the same increased deduction limits to contributions made to ABLE (Achieving a Better Life Experience) savings accounts for individuals with disabilities

Changes the deduction structure from a combined limit per taxpayer/couple to a per-beneficiary limit, allowing larger deductions for families contributing to multiple accounts

Requires the Ohio Tax Commissioner to annually adjust the contribution limits beginning in 2026 based on the gross domestic product deflator, rounded to the nearest $50

Allows excess contributions above the annual limit to be carried forward and deducted in future tax years until fully deducted