IN SB0559 | 2019 | Regular Session

Status

Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on January 14 2019 - 25% progression
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.

Tracking Information

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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


History

DateChamberAction
2019-02-04SenateSenators Bassler, Ford Jon, Melton added as coauthors
2019-02-04SenateSenator Charbonneau added as second author
2019-01-31SenateSenator Ruckelshaus added as coauthor
2019-01-31SenateSenator Breaux added as coauthor
2019-01-14SenateFirst reading: referred to Committee on Appropriations
2019-01-14SenateAuthored by Senator Houchin

Indiana State Sources


Bill Comments

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