Indiana Senate Bill 245 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 3 2018 - 25% progression, died in committee
Action: 2018-01-03 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

College savings program. Establishes a state income tax credit for employers who contribute to employees' 529 education savings accounts. Limits the credit to $100 per employee. Allows taxpayers to designate an income tax refund to a 529 education savings account. Requires the Indiana education savings authority to make a contribution to 529 education savings accounts of lower income account owners in the amount of the lesser of: (1) the amount the account owner contributed minus the amount the account owner withdrew from the account in the previous calendar year; or (2) $250. Makes an annual appropriation from the state general

College savings program. Establishes a state income tax credit for employers who contribute to employees' 529 education savings accounts. Limits the credit to $100 per employee. Allows taxpayers to designate an income tax refund to a 529 education savings account. Requires the Indiana education savings authority to make a contribution to 529 education savings accounts of lower income account owners in the amount of the lesser of: (1) the amount the account owner contributed minus the amount the account owner withdrew from the account in the previous calendar year; or (2) $250. Makes an annual appropriation from the state general

Sen. Eric Koch [R]

Date	Chamber	Action
2018-01-03	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2018-01-03	Senate	Authored by Senator Koch

Type	Source
Summary	https://iga.in.gov/legislative/2018/bills/senate/245/details
Text	http://iga.in.gov/static-documents/0/a/3/f/0a3f7478/SB0245.01.INTR.pdf