Amendment H-8034 to HF 2340
Relating to the Iowa educational savings plan trust by permitting the use of funds for certain beneficiaries to attend out-of-state elementary or secondary schools, and including retroactive applicability provisions
Withdrawn · February 26, 2020
Filed February 25, 2020 in the House by
What it changes
AI summary This amendment changes the bill to allow Iowa educational savings plan funds to be used for paying back qualified education loans for a student or their sibling. It sets a limit of ten thousand dollars for these loan repayments.1
Read the amendment’s wording
- Page 1, before line 1 by inserting: “Section
- Section 12D.1, subsection 2, paragraph k, Code 2020, is amended to read as follows: k. “Qualified education expenses” means the same as “qualified higher education expenses” as defined in section 529(e)(3) of the Internal Revenue Code, as amended by Pub. L. No. 115-97, and shall include elementary and secondary school expenses for tuition described in section 529(c)(7) of the Internal Revenue Code, subject to the limitations imposed by section 529(e)(3)(A) of the Internal Revenue Code. “Qualified education expenses” includes amounts paid as principal or interest on behalf of a beneficiary or a sibling of the beneficiary on any qualified education loan as defined in section 221(d) of the Internal Revenue Code. Sec. ___. Section 422.7, subsection 32, paragraph c, subparagraph (1), Code 2020, is amended by adding the following new subparagraph division: NEW SUBPARAGRAPH DIVISION . (d) Qualified education loan repayments.”
- Page 1, after line 16 by inserting: “Sec. ___. Section 422.7, subsection 32, paragraph c, subparagraph (2), Code 2020, is amended by adding the following new subparagraph divisions: NEW SUBPARAGRAPH DIVISION . (d) “Qualified education loan repayments” means amounts paid as principal or interest on behalf of the beneficiary or a sibling of the beneficiary on any qualified education loan as defined in section 221(d) of the Internal Revenue Code, not to exceed ten thousand dollars in the aggregate for the beneficiary or a sibling of the beneficiary, respectively. NEW SUBPARAGRAPH DIVISION . (e) “Sibling” means an individual who bears a relationship to the designated beneficiary which is described in section 152(d)(2)(B) of the Internal Revenue Code.”
- Title page, by striking lines 1 through 3 and inserting “An Act relating to the use of Iowa educational savings plan trust funds, and”
- By renumbering as necessary.