HB193
Regards Ohio ABLE accounts
Summary
The bill amends sections of the Revised Code regarding Ohio ABLE accounts, requiring the state treasurer to implement and administer the program, including developing marketing plans, collecting fees, and ensuring compliance with federal tax benefits. It establishes procedures for account management, contributions, and distributions, and creates an advisory board for oversight. The bill also includes provisions for appropriations to subsidize monthly fees for eligible individuals with disabilities.
Rationale
The bill supports the establishment of a state program for ABLE accounts, which may align with some Libertarian principles of individual financial management but involves government administration and oversight, conflicting with the LP's emphasis on minimal government intervention. The LPO's score reflects a more favorable view of state programs that assist individuals with disabilities, though concerns about government involvement remain.
Risks and Concerns
- Increased government control over personal financial accounts
- Potential for bureaucratic inefficiencies
- Dependence on state funding for program sustainability