COLUMBUS—This week, State Senator Jay Hottinger (R-Newark) joined colleague State Senator John Eklund (Munson Township) in introducing legislation aimed at helping Ohio families save for college and disability related expenses. Senate Bill 5 increases the maximum income tax deduction to $10,000 per beneficiary for contributions to college savings accounts and disability expense savings accounts.
“Senate Bill 5 is an important piece of legislation in pursuit of the Ohio Senate’s goal to reduce the financial burden of higher education because it will allow Ohio taxpayers to keep more of their hard earned money if it is set aside into a college savings account. The legislation also helps families who have a child with a disability by increasing the maximum tax deductions for Ohio’s ABLE saving accounts.”
By 2020, it is expected that 64 percent of new jobs in Ohio will require a postsecondary education. Senate Bill 5 helps to ensure that Ohio’s workforce is ready for the future and helps families to prepare for future education-related expenses.
During the last General Assembly, Ohio established Achieving a Better Life Experience (ABLE) saving accounts, so that families with a mentally or physically disabled child can have more post-tax dollars available to spend on treatments that arise from the disability. Senate Bill 5 will build on the success of this program, alleviating some of the financial burden associated with raising a child with a disability.
Senator Jay Hottinger recognizes the financial burdens associated with providing medical care for a loved one living with a disability. Last year, Hottinger was named Legislator of the Year for the Ohio Association of County Boards of Developmental Disability.
“Ohio should always look for ways to help those with disabilities succeed and Senate Bill 5 will be one more tool that families can use to help their children lead fulfilling lives," said Hottinger.
"This legislation seeks to honor the courage, bravery, and sacrifice of Officer Cottrell who devoted his life to serving the people of this nation," said Hottinger. "I hope this small act goes a long way in showing our gratitude for his service and is a reminder to those who knew and loved him that his memory will live on."
"Immediate action must be taken in order to preserve the many lives that are on this destructive path," said Senator Hottinger. "Working together, making the necessary changes to the prescribing guidelines, I believe we can make a difference for the many suffering with an opioid addiction."
I remain committed to increasing the public’s confidence in elected officials to act transparently and justly and I will continue support efforts to keep our government accountable to you and all Ohioans.
“For residents, business owners and those who travel to Buckeye Lake, today is another milestone day that will have a positive impact on the community for generations," said Senator Hottinger.