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IN HB1128
Bill
Status
1/8/2015
Primary Sponsor
Sue Errington
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AI Summary
HB 1128 Summary
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Requires the education savings authority to establish and administer a lifelong learning account program allowing individuals to deposit earned income for education and training costs at postsecondary institutions, vocational schools, or approved training programs.
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Permits deposits to be matched by employers, financial institutions, the state, or other entities, with eligible uses including tuition, laboratory costs, books, computer costs, and other fees.
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Provides a state tax credit equal to 50% of contributions to lifelong learning accounts (minimum $100, maximum $50,000 per year) for both individuals and employers making matching contributions.
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Exempts withdrawals from state income taxation when used for qualified education and training expenses, and excludes account balances from asset calculations for Temporary Assistance for Needy Families and township assistance eligibility.
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Directs the authority to seek public and private funding for the program and submit annual reports to the governor and general assembly beginning in 2016.
Legislative Description
Lifelong learning accounts. Requires the education savings authority (authority) to establish and administer a lifelong learning account program. Specifies that a lifelong learning account established for a participating individual must: (1) be an account in a financial institution; and (2) allow a participating individual to deposit, from the individual's earned income, money that may be matched by the participating individual's employer, a financial institution, the state, or any other entity, and that will be used by the participating individual for education and training costs at a postsecondary educational institution, a vocational school, or a training program that may lead to
Last Action
Authored by Representative Errington
1/8/2015