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HB22-1310

529 Account Apprenticeship Expenses

Concerning the alignment of the state income tax deduction for contributions to a 529 account with the changes in the federal "Setting Every Community Up for Retirement Enhancement Act of 2019" that allows tax-free distributions for eligible apprenticeship programs.
Session:
2022 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

The federal "Setting Every Community Up for Retirement Enhancement Act of 2019" expanded qualified distributions from a qualified state tuition program (529 account) to include expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in certain apprenticeship programs.

In light of these changes to federal law, the bill amends Colorado law to clarify what qualifies as a qualified distribution from a 529 account for the purpose of determining state taxable income. The bill allows expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in certain apprenticeship programs to be treated as such a qualified distribution.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/03/2022 Signed Act PDF
    06/01/2022 Final Act PDF
    05/04/2022 Rerevised PDF
    05/03/2022 Revised PDF
    04/25/2022 Reengrossed PDF
    04/22/2022 Engrossed PDF
    03/21/2022 Introduced PDF