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CO HB1221

Bill

Official Source

Status

Failed

3/26/2018

Primary Sponsor

Timothy Leonard

Click for details

Origin

House of Representatives

2018 Regular Session

AI Summary

  • Aligns Colorado state income tax law with the federal Tax Cuts and Jobs Act of 2017 to allow tax-free distributions from 529 education savings accounts for kindergarten through twelfth grade school expenses
  • Amends Colorado Revised Statutes 39-22-104 to update definitions of "qualified higher education expenses" to include amendments made by the federal Tax Cuts and Jobs Act, specifically Public Law 115-97
  • Allows taxpayers to claim state income tax deductions for contributions to qualified state tuition programs (529 accounts) used for elementary and secondary education expenses
  • Prevents tax recapture of deductions claimed for 529 contributions when distributions are used for kindergarten through twelfth grade school expenses
  • Includes a safety clause declaring the act necessary for immediate preservation of public peace, health, and safety

Legislative Description

Income Tax Deduction For 529 Account Kindergarten Through Twelfth Grade Expenses

Last Action

House Committee on Education Postpone Indefinitely

3/26/2018

Committee Referrals

Education2/5/2018

Full Bill Text

No bill text available