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DIGEST OF HB1273 (Updated February 19, 2002 3:04 PM - DI 84)
Family college savings plan. Renames the family college savings plan the college choice plan. Conforms definitions used in the education savings program law to recent changes to the federal enabling statute. Removes provisions imposing a maximum account balance and a penalty for a distribution that is not used to pay qualified higher education expenses, and allowing a rollover into the account from an individual development account. Repeals the following: (1) several definitions; (2) a statute concerning the investment policies of the program; (3) the requirement that contributions be made in cash only; (4) the prohibition on an account owner directing the investment of the contributions; and (5) the exemption from state income taxation of a distribution from the education savings program.
