Ohio House Approves Legislation Incorporating Changes To Federal Tax Law
Schaffer carries bill expanding benefits of 529 savings plans
March 02, 2018
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COLUMBUS—State Representative Tim Schaffer (R-Lancaster) announced passage of Senate Bill 22, sponsored by State Senator Bob Peterson (R-Sabina), which conforms Ohio’s tax law to the changes that have been made to the federal tax code since March 30, 2017.

As stipulated by the federal “Tax Cuts and Jobs Act,” Senate Bill 22 expands the eligible expenses of Ohio’s 529 college savings plans to include K-12 education tuition expenses. This means Ohioans utilizing the 529 plan can put that money toward their child’s education expenses in grades K-12 in addition to higher education costs.

“The changes we made to Senate Bill 22 we made in the House make this bill much friendlier to families that have significant education expenses,” Schaffer said. “They will be able to deduct education expenses they incur by sending their children to private K-12 schools.”

Senate Bill 22 also ensures that dependents can be claimed on an Ohio tax return for future years even if they have not been claimed on a federal tax return. Under the federal “Tax Cuts and Jobs Act,” the ability to claim a dependent on federal tax filings was removed in lieu of more advantageous tax deductions. Senate Bill 22 clarifies that Ohioans are still eligible to claim dependents on their state income tax filings.

Senate Bill 22 does not increase any Ohio taxes. Rather, it ensures conformity between the federal and Ohio definitions of adjusted gross income. Doing so simplifies the tax filing process for taxpayers, preparers, and administrators for the current tax filing season.

With the House’s passage, Senate Bill 22 now heads back to the Ohio Senate for its concurrence.

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