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Senate Bill 0141


Senate Bill 0141

ARCHIVE (2012)

Latest Information

 

DIGEST OF INTRODUCED BILL


Income tax credit for college 529 plan. Provides that a contribution to a college choice 529 education savings plan does not qualify for the 20% income tax credit if the contribution occurs after the beneficiary becomes 32 years of age, for accounts opened after December 31, 2011. Reduces the amount of contributions that qualify for the tax credit in a year by the amount of any qualified withdrawals that occur in the same year. (Current law provides for the recapture of any credit granted when a nonqualified withdrawal is made.)
    Current Status:
     In Committee - first House
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