Senate Bill 141 Summary

• Eliminates the 20% income tax credit for contributions to college choice 529 education savings plans made after the beneficiary reaches age 32, for accounts opened after December 31, 2011.

• Reduces the amount of contributions qualifying for the tax credit in a given year by subtracting any qualified withdrawals made in that same year.

• Maintains the existing requirement that taxpayers repay credits when nonqualified withdrawals are made from their accounts.

• Effective January 1, 2012 on a retroactive basis.