SF 2259: Relating to the Iowa educational savings plan trust by expanding the definition of qualified educational expenses and apprenticeship programs for purposes of withdrawals qualifying for an individual income tax exclusion, and including retroactive applicability provisions

What it does

This bill relates to the Iowa educational savings plan trust (529 plan) by expanding the definition of qualified education expenses and apprenticeship programs for purposes of withdrawals from the 529 plan qualifying for an individual income tax exclusion. The bill specifies that “qualified education expenses” include expenses paid to an institution of higher education for career-related programs that do not qualify for college credit. As a result, the expenses paid to the institution of higher education for career-related programs that do not earn college credit are excluded from the computation of net income for the individual income tax.

Senate subcommittee · named February 20, 2024

• Sen. Adrian Dickey (R) · adrian.dickey@legis.iowa.gov
• Sen. William A. Dotzler Jr. (D) · bill.dotzler@legis.iowa.gov
• Sen. Jason Schultz (R) · jason.schultz@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Cedar Rapids Metro Economic Alliance; Plumbing Heating & Cooling Contractors of IA

In plain words

1. February 8, 2024Filed in the Senate
2. February 8, 2024Approved by the Senate committee
3. February 15, 2024Sent to the Senate Ways and Means committee
4. February 20, 2024Senate subcommittee named: Dickey, Dotzler and Schultz
5. April 2, 2024Subcommittee recommended passing it with changes
6. April 11, 2024Approved by the Senate committee, and given a new number: SF 2440