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 effective date and retroactive applicability provisions

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 creates regulations that are necessary for the methods of delivery, transfer, maintenance, and sale of virtual currency that is presumed abandoned. The bill allows the treasurer of state (treasurer) to decline to accept abandoned virtual currency if the treasurer of state determines that the virtual currency is (1) not freely transferable, (2) of nominal value, or (3) the value is less than the estimated expenses of maintenance, notice, or sale of the property. The bill allows the treasurer to sell abandoned virtual currency. The bill provides that the holder of property that are securities, brokerage accounts, or virtual currency shall provide notice to the owner that the holdings may be liquidated either prior to or subsequent to reporting to the state and will only be entitled to claim the proceeds of sale. 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.