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ID H0185
Bill
Status
3/20/2017
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Increases the annual deduction for contributions to Idaho college savings programs from $4,000 to $6,000 per individual for tax years starting on or after January 1, 2017.
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Allows married couples filing jointly to deduct twice the individual amount (up to $12,000 per year) for college savings program contributions.
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Removes obsolete language regarding the special transitional deduction rule for contributions made in 2000 and 2001.
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Clarifies that contributions must be made during the taxable year to an Idaho college savings program account as described in chapter 54, title 33, Idaho Code to qualify for the deduction.
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Makes technical corrections to section 63-3022 of the Idaho Code relating to adjustments to taxable income.
Legislative Description
Amends existing law to increase the amount that may be deducted annually for contributions to a college savings program.
INCOME TAXATION
Last Action
Reported Signed by Governor on March 20, 2017 Session Law Chapter 84 Effective: 07/01/2017
3/20/2017