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HB 1150 IN

529 college savings distributions.

IN · session 2025 · Assembly / House · bill

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Introduced Jan 8, 2025

Latest action (Jan 8, 2025) First reading: referred to Committee on Ways and Means

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 (3)
  1. Jan 8, 2025 Coauthored by Representatives Manning, DeLaney, Rowray · lower
  2. Jan 8, 2025 Authored by Representative Prescott · lower
  3. Jan 8, 2025 First reading: referred to Committee on Ways and Means · lower
Subjects
HIGHER EDUCATION; Financial Assistance (Including Student Assistance, Loans, Grants, and FAFSA)TAXES; Adjusted Gross Income TaxesTAXES; Credits

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