❌ HB48
Modify tax deductions for 529 plan and ABLE account contributions
Current Status: In Senate Committee (Ways and Means)
Summary
This bill modifies the income tax deductions for contributions to 529 plans and ABLE accounts in Ohio. It allows taxpayers to deduct contributions up to a specified annual limit and provides for the carryforward of excess contributions. The bill also outlines conditions under which distributions or refunds may affect the taxpayer's adjusted gross income.
Rationale
The bill introduces modifications to tax deductions, which may be seen as an increase in government involvement in personal financial decisions, conflicting with the LP and LPO principles of minimal government interference and reduced taxation. However, it does not directly infringe on individual rights or freedoms, leading to a mixed alignment score.
Risks and Concerns
- Increased government control over personal finances
- Potential for future tax increases or restrictions
- Encouragement of reliance on government programs