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ID H0515
Bill
Status
3/15/2018
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Amends Idaho Code Section 63-3022 to modify how nonqualified withdrawals from college savings plans are taxed for state income purposes.
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Limits the addition to taxable income for nonqualified withdrawals to only contributions previously exempt from Idaho state income tax and earnings generated from the program.
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Excludes earnings from the taxable addition if those earnings are already included in federal adjusted gross income.
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Expands the provision to apply to qualified ABLE programs as defined in Section 529A of the Internal Revenue Code.
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Applies the same limitation to transfers of Idaho college savings account funds to out-of-state qualified tuition programs or qualified ABLE programs.
Legislative Description
Amends existing law to provide that the addition to taxable income for a nonqualifed withdrawal from a college savings plan is limited to contributions previously exempt from Idaho state income tax and earnings generated from the program as long as the earnings are not already included in federal adjusted gross income.
INCOME TAXATION
Last Action
Reported Signed by Governor on March 15, 2018 Session Law Chapter 109 Effective: 07/01/2018
3/15/2018