SB128
Regards Ohio ABLE accounts
Summary
The bill amends sections 113.51 and 113.53 of the Revised Code to enhance the Ohio ABLE accounts program, allowing the state treasurer to administer the program, impose fees, and ensure compliance with federal tax benefits. It establishes procedures for account applications, contributions, and distributions, while exempting ABLE account funds from certain public assistance eligibility assessments. The bill also includes appropriations for program maintenance.
Rationale
The bill supports individual financial autonomy through ABLE accounts, which aligns with Libertarian principles of personal responsibility and economic liberty. However, it also involves government administration and oversight, which may conflict with the Libertarian emphasis on minimal government intervention.
Risks and Concerns
- Increased government control over personal financial accounts
- Potential for administrative fees to burden account holders
- Complexity in compliance with federal regulations