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IN SB0550

Bill

Official Source

Status

Introduced

1/14/2019

Primary Sponsor

Victoria Spartz

Click for details

Origin

Senate

2019 Regular Session

AI Summary

  • Eliminates the requirement for taxpayers to designate at the time of contribution whether 529 plan funds will be used for higher education expenses or K-12 education expenses
  • Removes the mandate for the Indiana Education Savings Authority to use subaccounting systems to track contribution designations
  • Retains the designation requirement only at the time of withdrawal, when the person must indicate whether funds will be used for higher education or K-12 expenses
  • Maintains the existing 20% tax credit on contributions up to a maximum credit of $1,000 per taxpayer
  • Effective date of July 1, 2019

Legislative Description

529 college savings contribution tax credit. Eliminates the requirement that a taxpayer designate whether a contribution to a college choice 529 education savings plan will be used: (1) for qualified higher education expenses that are not qualified K-12 education expenses; or (2) for qualified K-12 education expenses. Eliminates the requirement that the Indiana education savings authority use subaccounting to track designations of withdrawals.

Last Action

First reading: referred to Committee on Appropriations

1/14/2019

Committee Referrals

Appropriations1/14/2019

Full Bill Text

No bill text available