Bills › 90th General Assembly
Relating to the treasurer of state’s duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including retroactive applicability provisions
Sponsored by the House State Government Committee
Topics:Taxes
Where it is now
- Done: IntroducedFebruary 7, 2024
- Done: SubcommitteeMarch 6, 2024
- Done: House committeeMarch 19, 2024
- Done: Passes the HouseMarch 26, 202495–0
- Done: Senate committeeApril 11, 2024
- Done: Passes the SenateApril 19, 202445–0
- Done: To the GovernorApril 29, 2024
- Done: Signed into lawMay 8, 2024
Became HF 2667 → Its progress continues under the new number. Go to HF 2667 What’s a funnel?
What’s in it
This bill relates the treasurer of state’s duties, including Iowa educational savings plan trust requirements and disposition of unclaimed property. DIVISION I —— IOWA EDUCATIONAL SAVINGS PLAN TRUST. The bill increases the maximum contribution to a beneficiary’s 529 account that may be deducted for income tax purposes to $5,500 per year. The maximum deduction for tax year 2023 is $3,785. Additionally, under current law the maximum deduction is adjusted annually to reflect increases in the consumer price index.
Read the full explanation
Under the bill, such adjustments will instead reflect increases in the higher education price index rounded up to the nearest $50 or $100. By operation of law, the bill also increases the maximum deduction amount available in an Iowa ABLE savings plan trust to the same amount for the current and future years. The bill also provides that a transfer made in a direct trustee-to-trustee transfer from a 529 account to a Roth individual retirement account in accordance with the rules under the federal Internal Revenue Code section 529(c)(3)(E) are exempt from state individual income taxation. The division of the bill applies retroactively to January 1, 2024, for the tax year beginning on or after that date. DIVISION II —— DISPOSITION OF UNCLAIMED PROPERTY. The bill removes the requirement for publication of public notice by the treasurer for abandoned property, instead making it optional and at the discretion of the treasurer. The bill provides that the treasurer may pay or deliver property directly to a person if the person receiving the property or payment is shown to be the apparent owner included on a report for abandoned property and the treasurer reasonably believes the person is entitled to receive the property or payment. The treasurer may use state tax information to assist in identifying the owner of property.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text · What changed before it passed
House subcommittee
Named March 6, 2024. On March 11, 2024 it recommended passage. Vote Total: 3-0.
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
Fiscal note
Less revenue: up to $5,500 Compare with other bills
Increasing the maximum contribution to a 529 college savings account or Iowa ABLE savings account to $5,500 is estimated to reduce income tax revenue to the General Fund and local income surtax.
- Final Fiscal Note — Treasurer of State, 529 Accounts and Unclaimed Property · April 26, 2024
- Treasurer of State, 529 Accounts and Unclaimed Property · March 21, 2024
- Treasurer of State, 529 Accounts and Unclaimed Property · March 5, 2024
Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note
Iowa Code it changes
Amends§12D.3§422.7§556.12§556.19
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Lobbying
13 for · 1 against · 8 undecided · Who →
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.