No 529 Account Income Tax Deduction For K-12 Kindergarten Through Twelfth Expenses
| Type | Bill |
|---|---|
| Session | 2018 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.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
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Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1209 to the Committee of the Whole. | The motion failed on a vote of 2-3. | Vote summary |
| Postpone House Bill 18-1209 indefinitely. | The motion passed on a vote of 3-2. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 18-1209 to the Committee of the Whole. | The motion passed on a vote of 7-6. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/17/2018 | Third Reading | BILL |
35
AYE
28
NO
2
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 04/19/2018 | Senate | Senate Committee on Finance Postpone Indefinitely |
| 04/17/2018 | Senate | Introduced In Senate - Assigned to Finance |
| 04/17/2018 | House | House Third Reading Passed - No Amendments |
| 04/16/2018 | House | House Second Reading Passed - No Amendments |
| 04/13/2018 | House | House Second Reading Special Order - Laid Over Daily - No Amendments |
| 04/10/2018 | House | House Second Reading Laid Over to 04/13/2018 - No Amendments |
| 04/09/2018 | House | House Second Reading Laid Over to 04/10/2018 - No Amendments |
| 04/04/2018 | House | House Second Reading Laid Over to 04/09/2018 - No Amendments |
| 04/03/2018 | House | House Second Reading Laid Over to 04/04/2018 - No Amendments |
| 04/02/2018 | House | House Second Reading Laid Over to 04/03/2018 - No Amendments |
| 03/29/2018 | House | House Second Reading Laid Over to 04/02/2018 - No Amendments |
| 03/26/2018 | House | House Committee on Education Refer Unamended to House Committee of the Whole |
| 02/05/2018 | House | Introduced In House - Assigned to Education |
Prime Sponsor
Sponsor
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