HB 18-1221

  • Colorado House Bill
  • 2018 Regular Session
  • Introduced in House Feb 05, 2018
  • House
  • Senate
  • Governor

Income Tax Deduction For 529 Account Kindergarten Through Twelfth Grade Expenses

Abstract

Current law allows contributions to a qualified state tuition program, also known as a 529 account, so long as the distributions are used for qualified higher education expenses (and some additional exceptions), but not for kindergarten through twelfth grade school expenses. The federal 'Tax Cuts and Jobs Act', which became law in December 2017, added distributions for kindergarten through twelfth grade expenses as qualified distributions thereby allowing, on the federal level, income tax-free distributions for elementary and secondary education expenses in addition to already authorized income tax-free distributions for higher education expenses. The bill makes similar changes to Colorado law to allow contributions to qualified state tuition programs for kindergarten through twelfth grade expenses thereby allowing a taxpayer to claim a deduction for such contributions and clarifying that such expenses are qualified distributions, ensuring that a taxpayer does not encounter tax recapture of any claimed deductions when such contributions are distributed for kindergarten through twelfth grade school expenses. (Note: This summary applies to this bill as introduced.) , Read More

Bill Sponsors (2)

Votes


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Actions


Mar 26, 2018

House

House Committee on Education Postpone Indefinitely

Education

Feb 05, 2018

House

Introduced In House - Assigned to Education

  • Introduction
Education

Bill Text

Bill Text Versions Format
Committee Amendment PDF
Introduced (02/05/2018) PDF

Related Documents

Document Format
Fiscal Note FN1 (03/05/2018) PDF
Fiscal Note FN2 (09/06/2018) PDF

Sources

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