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HB 1096 IN

529 college savings distributions.

IN · session 2024 · Assembly / House · bill

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Introduced Jan 8, 2024

Latest action (Jan 16, 2024) Representative Manning added as coauthor

Summary

Excludes from Indiana adjusted gross income distributions made from a 529 college choice education savings plan (529 account) that are not used to pay qualified higher education expenses but that satisfy each of the requirements under Section 126 of the SECURE 2.0 Act of 2022. Provides that such distributions are not subject to the: (1) penalty provisions established by the board of directors of the Indiana education savings authority; or (2) repayment provisions for the income tax credit for contributions to an individual's 529 account.

Sponsor (1)
3 coauthors / cosponsors

Action history (4)
  1. Jan 8, 2024 First reading: referred to Committee on Ways and Means · lower
  2. Jan 8, 2024 Coauthored by Representatives Rowray and DeLaney · lower
  3. Jan 8, 2024 Authored by Representative Prescott · lower
  4. Jan 16, 2024 Representative Manning added as coauthor · lower
Subjects
HIGHER EDUCATION; Financial Assistance (Including Student Assistance, Loans, Grants, and FAFSA)TAXES; Gross Income Taxes

Text versions (1)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • Introduced House Bill (H) · PDF

Full text

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