Protect Collegeinvest
| Type | Bill |
|---|---|
| Session | 2019 Regular Session |
| Subjects |
Concerning amendments to the state income tax deduction for contributions to a qualified 529 account to ensure that the state income tax deduction is not aligned with the changes in the federal "Tax Cuts and Jobs Act" of 2017 that allow tax-free distributions for elementary and secondary school expenses.
Bill Summary:
The federal "Tax Cuts and Jobs Act", which became law in December 2017, added distributions for elementary or secondary school expenses as qualified distributions from a qualified state tuition program, also known as a 529 account, thereby allowing, on the federal level, income tax-free distributions for elementary and secondary school expenses in addition to already authorized income tax-free distributions for higher education expenses.
The bill amends Colorado law to ensure that a taxpayer may not claim a deduction for contributions to qualified state tuition programs for elementary or secondary school expenses and clarifies that such expenses are not qualified distributions. The bill also requires Colleginvest to provide the department of revenue with available information related to distributions that are not used to pay qualified higher education expenses.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 04/25/2019 | PA1 |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 19-257 to the Committee of the Whole. | The motion passed on a vote of 7-4. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment A) | The motion passed without objection. | Vote summary |
| Refer Senate Bill 19-257, as amended, to the Committee of the Whole. | The motion passed on a vote of 4-3. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/01/2019 | Third Reading | BILL |
19
AYE
16
NO
0
OTHER
|
Vote record |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 04/25/2019 | L.001 | SEN Finance | Passed [*] |
| Date | Location | Action |
|---|---|---|
| 05/02/2019 | House | House Committee on Finance Refer Unamended to House Committee of the Whole |
| 05/01/2019 | House | Introduced In House - Assigned to Finance |
| 05/01/2019 | Senate | Senate Third Reading Passed - No Amendments |
| 04/30/2019 | Senate | Senate Second Reading Passed with Amendments - Committee |
| 04/29/2019 | Senate | Senate Second Reading Laid Over Daily - No Amendments |
| 04/25/2019 | Senate | Senate Committee on Finance Refer Amended to Senate Committee of the Whole |
| 04/19/2019 | Senate | Introduced In Senate - Assigned to Finance |
Prime Sponsor
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