HB 145

  • Delaware House Bill
  • 151st General Assembly (2021-2022)
  • Introduced in House Apr 22, 2021
  • House
  • Senate
  • Governor

An Act To Amend Title 30 Of The Delaware Code Relating To College Savings And “Able” Savings Accounts.

Abstract

This Act will allow Delaware residents two new deductions from personal income tax. The first is a deduction from taxable income of up to $1,000 for contributions to an account in a Delaware-sponsored qualified tuition program, as that term is defined under 26 U.S.C. § 529 (a “529” College Savings Plan). The second is a deduction from taxable income of up to $5,000 for contributions to an account in a Delaware-sponsored ABLE program, as that term is defined under 26 U.S.C. § 529A (a “529A” Savings Account - a special account for meeting the needs of certain individuals with disabilities). The 529 and 529A deduction is only applicable to the Delaware-sponsored plan. A transfer or rollover from another account authorized under 26 U.S.C. §§ 529 and 529A or for a change in beneficiary of any such account does not qualify for the deduction. This Act takes effect on the date the Secretary of Finance provides written notice to the Registrar of Regulations that the Division of Revenue has implemented the personal income tax release of the Internal Revenue Administration System.

Bill Sponsors (11)

Votes


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Actions


Apr 22, 2021

House

Assigned to Appropriations Committee in House

  • Introduction
  • Referral-Committee
Appropriations

Apr 20, 2021

House

Amendment HA 1 to HB 145 - Introduced and Placed With Bill

House

Reported Out of Committee (Revenue & Finance) in House with 4 Favorable, 6 On Its Merits

  • Committee-Passage
  • Committee-Passage-Favorable
Revenue & Finance

Apr 01, 2021

House

Introduced and Assigned to Revenue & Finance Committee in House

  • Introduction
  • Referral-Committee
Revenue & Finance

Bill Text

Bill Text Versions Format
Bill Text PDF HTML

Related Documents

Document Format
Fiscal Note PDF

Sources

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