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House Bill 1039

House Bill (S)

DIGEST

529 plans. Provides the following for purposes of the state income tax credit for contributions to a college choice 529 education savings plan: (1) The term "qualified higher education expenses" has the meaning set forth in the Internal Revenue Code as in effect on January 1, 2017. (2) A taxpayer is not entitled to the credit for money that is credited to an account and that will be used to pay for expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school or that will be transferred to an ABLE account. 529 plans. Provides the following for purposes of the state income tax credit for contributions to a college choice 529 education savings plan: (1) The term "qualified higher education expenses" has the meaning set forth in the Internal Revenue Code as in effect on January 1, 2017. (2) A taxpayer is not entitled to the credit for money that is credited to an account and that will be used to pay for expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school or that will be transferred to an ABLE account. (3) For purposes of determining the recapture of the credit, a withdrawal or distribution that is used to pay for expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school or that is a rollover distribution or transfer of assets or to an ABLE account is a nonqualified withdrawal. Urges the legislative council to assign to the interim study committee on fiscal policy certain study topics related to 529 plans. Requires the Indiana education savings authority to report to the interim study committee on fiscal policy concerning the investment of assets under the education savings programs it administers, including information concerning the ways in which the investment of those assets benefits Indiana. ... View more