HF 284: 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

What it does

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 including tuition, fees, books, and equipment. The federal tax treatment of the type of withdrawal described in the bill may differ from the state tax treatment under the bill.

Lobbying · 1 for, 0 against

For: Homeschool Iowa

In plain words

1. February 14, 2023Filed in the House and sent to the Education committee