Wednesday, January 26, 2000
More options for prepaid tuition
House OKs changes to college program
The Associated Press
COLUMBUS — Ohioans who contribute to the state's prepaid tuition program would get tax relief and a chance for a better return on their investment under a bill approved Tuesday by the Ohio House.
By a 96-0 vote, the House approved changes to the Ohio College Savings Program, which allows Ohioans to invest money specifically for their children's college tuition.
Sen. Robert Gardner, R-Madison, is sponsoring the bill, which would allow parents to receive annual state income tax deductions of as much as $2,000 for each child for whom they make a contribution.
If parents contribute more, the tax deduction carries over to additional years.
Current law guarantees parents who contribute to the program a return at the rate of tuition inflation, or about 6.2 percent a year.
The bill passed Tuesday would create a second investment option in the form of a money market fund. The fund could provide a higher return, but doesn't carry the same guarantee as the current fund and parents could lose portions of their investment, said Jackie Williams, executive director of the Ohio Tuition Trust Authority.
She said parents would receive the same tax deduction for contributions to the money market fund.
“For those people who have wanted a product that could potentially earn higher than inflation, it also is an opportunity to have a choice,” Ms. Williams said. “We think it will be very attractive.”
The Ohio College Savings Program has 90,000 students enrolled. Its assets are valued at $463 million.
The bill returns to the Senate for consideration of minor technical changes the House made.
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