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Ohio Treasurer Kevin L. Boyce Supports Senator Kearney’s Savings Bill

COLUMBUS, Ohio—Treasurer Kevin L. Boyce is voicing his support for the passage of Ohio Senate Bill 194 that was approved in the Senate yesterday. The bill, sponsored by Senator Eric H. Kearney, will provide Ohio taxpayers with the option to directly deposit their state income tax refunds into a checking, savings, or individual retirement account.

“In times like these we need to take advantage of every opportunity to promote individual savings and conserve state resources,” said Senator Kearney. “This legislation provides more convenience for taxpayers while saving the state money by eliminating many paper refund checks.”
Receiving unanimous support in the Senate this bill could potentially save millions for Ohio taxpayers. By reducing the use of traditional checks the State not only cut costs but limits the use of paper.
“This is a piece of legislation that enables Ohioans to invest in their future,” said Treasurer Boyce. “When government can come together to cut spending and promote personal finance everyone wins.”
Last year Treasurer Boyce took similar steps to save taxpayer’s dollars by changing the Treasury’s procedure for warrant processing. For more than 100 years, the state of Ohio issued checks to make payments and banks would process and return a printed image. Boyce changed the system and made warrant processing electronic. By replacing the printed images with electronic ones this technologically-advanced process is cheaper and more secure. Taxpayers save at least $83,000 yearly on interest alone because the checks will be deposited more quickly and in-house costs will be reduced.
The mission of the Ohio Treasury is to protect and invest state funds while providing innovative financial education and resources, empowering you to make Smart Money Choices.