IN SB0141 | 2012 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 4 2012 - 25% progression, died in committee
Action: 2012-01-04 - First reading: referred to Committee on Appropriations
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 4 2012 - 25% progression, died in committee
Action: 2012-01-04 - First reading: referred to Committee on Appropriations
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Provides that a contribution to a college choice 529 education savings plan does not qualify for the 20% income tax credit if the contribution occurs after the beneficiary becomes 32 years of age, for accounts opened after December 31, 2011. Reduces the amount of contributions that qualify for the tax credit in a year by the amount of any qualified withdrawals that occur in the same year. (Current law provides for the recapture of any credit granted when a nonqualified withdrawal is made.)
Title
Income tax credit for college 529 plan.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2012-01-04 | First reading: referred to Committee on Appropriations | |
| 2012-01-04 | Authored by Senator Kenley |
Indiana State Sources
| Type | Source |
|---|---|
| Summary | http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2012&session=1&request=getBill&doctype=SB&docno=0141 |
| Text | http://www.in.gov/legislative/bills/2012/IN/IN0141.1.html |
