Bill Text: IA HF2667 | 2023-2024 | 90th General Assembly | Enrolled
Bill Title: A bill for an act relating to the treasurer of state's duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including retroactive applicability provisions. (Formerly HF 2537, HSB 626.) Effective date: 07/01/2024. Applicability date: 01/01/2024.
Spectrum: Committee Bill
Status: (Passed) 2024-05-08 - Signed by Governor. H.J. 939. [HF2667 Detail]
Download: Iowa-2023-HF2667-Enrolled.html
House
File
2667
-
Enrolled
House
File
2667
AN
ACT
RELATING
TO
THE
TREASURER
OF
STATE’S
DUTIES,
INCLUDING
IOWA
EDUCATIONAL
SAVINGS
PLAN
TRUST
AND
IOWA
ABLE
SAVINGS
PLAN
TRUST
REQUIREMENTS
AND
DISPOSITION
OF
UNCLAIMED
PROPERTY,
AND
INCLUDING
RETROACTIVE
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
DIVISION
I
IOWA
EDUCATIONAL
SAVINGS
PLAN
TRUST
Section
1.
Section
12D.3,
subsection
1,
Code
2024,
is
amended
to
read
as
follows:
1.
Each
participation
agreement
may
require
a
participant
to
agree
to
invest
a
specific
amount
of
money
in
the
trust
for
a
specific
period
of
time
for
the
benefit
of
a
specific
beneficiary.
A
participant
shall
not
be
required
to
make
an
annual
contribution
on
behalf
of
a
beneficiary.
The
maximum
contribution
that
may
be
deducted
for
Iowa
income
tax
purposes
shall
not
exceed
two
five
thousand
five
hundred
dollars
per
beneficiary
per
year
adjusted
annually
to
reflect
increases
in
the
consumer
price
index.
The
treasurer
of
state
shall
set
an
account
balance
limit
to
maintain
compliance
with
section
529
of
the
Internal
Revenue
Code.
A
contribution
shall
not
be
permitted
to
the
extent
it
causes
the
aggregate
balance
of
all
House
File
2667,
p.
2
accounts
established
for
the
same
beneficiary
under
the
trust
to
exceed
the
applicable
account
balance
limit.
Sec.
2.
Section
422.7,
subsection
22,
paragraph
c,
subparagraph
(1),
Code
2024,
is
amended
by
adding
the
following
new
subparagraph
division:
NEW
SUBPARAGRAPH
DIVISION
.
(g)
A
direct
trustee-to-trustee
transfer
to
a
Roth
individual
retirement
account
in
accordance
with
the
rules
under
section
529(c)(3)(E)
of
the
Internal
Revenue
Code.
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
division
of
this
Act
applies
retroactively
to
January
1,
2024,
for
tax
years
beginning
on
or
after
that
date.
DIVISION
II
DISPOSITION
OF
UNCLAIMED
PROPERTY
Sec.
4.
Section
556.12,
subsection
1,
Code
2024,
is
amended
to
read
as
follows:
1.
If
a
report
has
been
filed
with
the
treasurer
of
state,
or
property
has
been
paid
or
delivered
to
the
treasurer
of
state,
for
the
fiscal
year
ending
on
June
30
or,
in
the
case
of
unclaimed
demutualization
proceeds,
for
the
preceding
calendar
year
as
required
by
section
556.11
,
the
treasurer
of
state
shall
provide
may
do
any
of
the
following:
a.
Provide
for
the
publication
annually
of
at
least
one
notice
not
later
than
the
following
November
30.
Each
notice
shall
may
be
published
at
least
once
each
week
for
two
successive
weeks
in
an
English
language
newspaper
of
general
circulation
in
the
county
in
this
state
in
which
is
located
the
last
known
address
of
any
person
to
be
named
in
the
notice.
If
an
address
is
not
listed
or
if
the
address
is
outside
this
state,
the
notice
shall
may
be
published
in
the
county
in
which
the
holder
of
the
abandoned
property
has
its
principal
place
of
business
within
this
state.
b.
Publish
information
to
make
the
public
aware
of
the
existence
of
unclaimed
property
and
the
treasurer
of
state’s
unclaimed
property
program
in
a
newspaper
in
general
circulation
in
the
state.
Sec.
5.
Section
556.19,
Code
2024,
is
amended
to
read
as
follows:
House
File
2667,
p.
3
556.19
Claim
Procedure
for
abandoned
property
paid
or
delivered.
1.
Any
person
claiming
an
interest
in
any
property
delivered
to
the
state
under
this
chapter
may
file
a
claim
thereto
or
to
the
proceeds
from
the
sale
thereof
on
the
form
prescribed
by
the
state
treasurer.
2.
Notwithstanding
subsection
1,
the
treasurer
of
state
may
waive
the
requirement
of
a
claim
form
and
pay
or
deliver
property
directly
to
a
person
if
the
person
receiving
the
property
or
payment
is
shown
to
be
the
apparent
owner
included
on
a
report
filed
under
section
556.11
and
the
treasurer
of
state
reasonably
believes
the
person
is
entitled
to
receive
the
property
or
payment.
The
treasurer
of
state
may
use
state
tax
information
to
assist
in
identifying
the
owner
of
property
that
has
been
abandoned
as
provided
under
this
chapter
or
in
verifying
a
claim
filed
under
this
chapter.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2667,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2024
______________________________
KIM
REYNOLDS
Governor
