Bills › 89th General Assembly
Relating to the Iowa educational savings plan trust by excluding from the computation of net income for the individual income tax withdrawals for the payment of qualified education expenses for private instruction, and including retroactive applicability provisions
Topics:K–12 educationTaxesIncome taxes
Same legislation: HF 580
Where it is now
- Done: IntroducedFebruary 17, 2021
- Done: SubcommitteeFebruary 24, 2021
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary People using Iowa's 529 education savings plans would not have to pay state income tax on money withdrawn to pay for certain private instruction. This includes costs for things like tutoring, online courses, or nonpublic school expenses for elementary and secondary students. These changes would apply to tax years starting on or after January 1, 2021.1
Read the official explanation
This bill relates to the Iowa educational savings plan trust (529 plan) by excluding from the computation of net income for the individual income tax withdrawals for the payment of qualified education expenses for private instruction.3. Under the bill, “qualified education expenses” include expenses described in section 529(e)(3)(A) of the Internal Revenue Code for a nonaccredited nonpublic school, cooperative study program, tutorial service, classes taken at an educational institution or through a private service provider, and a course taken online, all as part of a program or course of study for an elementary or secondary school student. The federal tax treatment of the type of withdrawal described in the bill may differ from the state tax treatment under the bill. The bill applies retroactively to January 1, 2021, and applies to tax years beginning on or after that date.
Senate subcommittee
Named February 24, 2021. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
4 for · 2 against · 2 undecided · Who →
Family tree
89th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 284 Relating to the Iowa educational savings plan trust by excluding from the computation of n…90th General Assembly · In committeeNearly identical
Matched by wording or an identical title.