IN SB0559 | 2019 | Regular Session
Status
Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on January 14 2019 - 25% progression, died in committee
Action: 2019-02-04 - Senators Bassler, Ford Jon, Melton added as coauthors
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 14 2019 - 25% progression, died in committee
Action: 2019-02-04 - Senators Bassler, Ford Jon, Melton added as coauthors
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [PDF]
Summary
ABLE account tax credit. Creates a stand-alone credit for contributions to Indiana ABLE accounts. Provides that a taxpayer is entitled to a credit against adjusted gross income tax equal to the least of: (1) 20% of the amount of the total contributions made by the taxpayer to an account or accounts of an Indiana ABLE 529A savings plan during the taxable year; (2) $1,000; or (3) the amount of the taxpayer's adjusted gross income tax for the taxable year, reduced by the sum of all allowable credits. Provides that a taxpayer is not entitled to a carryback, carryover, or refund of an unused credit. Provides that a taxpayer may not sell, assign, convey, or otherwise transfer the tax credit. Provides that an account owner of an Indiana ABLE 529A savings plan must repay all or a part of the credit in a taxable year in which any nonqualified withdrawal is made. Provides that a rollover of assets or transfer of assets to an Indiana ABLE 529A account is a qualified withdrawal from a college choice 529 education savings plan.
Title
ABLE account tax credit. Creates a stand-alone credit for contributions to Indiana ABLE accounts. Provides that a taxpayer is entitled to a credit against adjusted gross income tax equal to the least of: (1) 20% of the amount of the total contributions made by the taxpayer to an account or accounts of an Indiana ABLE 529A savings plan during the taxable year; (2) $1,000; or (3) the amount of the taxpayer's adjusted gross income tax for the taxable year, reduced by the sum of all allowable credits. Provides that a taxpayer is not entitled to a carryback, carryover, or refund of an unused credit. Provides that a taxpayer may not sell, assign, convey, or otherwise transfer the tax credit. Provides that an account owner of an Indiana ABLE 529A savings plan must repay all or a part of the credit in a taxable year in which any nonqualified withdrawal is made. Provides that a rollover of assets or transfer of assets to an Indiana ABLE 529A account is a qualified withdrawal from a college choice 529 education savings plan.
Sponsors
Sen. Erin Houchin [R] | Sen. Ed Charbonneau [R] | Sen. Jean Breaux [D] | Sen. John Ruckelshaus [R] |
Sen. Eric Bassler [R] | Sen. Jon Ford [R] | Sen. Eddie Melton [D] |
History
Date | Chamber | Action |
---|---|---|
2019-02-04 | Senate | Senators Bassler, Ford Jon, Melton added as coauthors |
2019-02-04 | Senate | Senator Charbonneau added as second author |
2019-01-31 | Senate | Senator Ruckelshaus added as coauthor |
2019-01-31 | Senate | Senator Breaux added as coauthor |
2019-01-14 | Senate | First reading: referred to Committee on Appropriations |
2019-01-14 | Senate | Authored by Senator Houchin |
Indiana State Sources
Type | Source |
---|---|
Summary | https://iga.in.gov/legislative/2019/bills/senate/559/details |
Text | http://iga.in.gov/static-documents/0/1/c/b/01cb0da8/SB0559.01.INTR.pdf |