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IN HB1350
Bill
Status
4/16/2019
Primary Sponsor
Edward Clere
Click for details
AI Summary
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Taxpayers may make a one-time rollover transfer from a College Choice 529 education savings plan to an Indiana ABLE 529A savings plan without triggering tax credit repayment requirements
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ABLE accounts (established under IRC Section 529A) serve individuals with disabilities, while 529 plans are traditional college savings accounts
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Effective date: July 1, 2019
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Passed the House unanimously (96-0) on February 18, 2019; approved by Senate Appropriations Committee (12-0) on April 11, 2019
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Amends Indiana Code IC 6-3-3-12, which governs tax credits for contributions to College Choice 529 plans
Legislative Description
Indiana ABLE account. Allows a taxpayer to make a one-time transfer from a particular college choice 529 education savings plan account to an Indiana ABLE 529A savings plan without being subject to the requirement for the repayment of tax credits.
Last Action
Senate advisors appointed: Charbonneau and Niezgodski
4/18/2019