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1999 SESSION
HB 1600 Savings trust accounts for higher education; income tax deduction.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Savings trust accounts; income tax deduction. Authorizes the Board of the Higher Education Tuition Trust Fund to create a savings trust account program pursuant to § 529 of the Internal Revenue Code. Savings trust accounts will be offered in addition to the existing prepaid tuition contracts. The measure also establishes an individual income tax deduction for amounts contributed to a savings trust account. The amount of the deduction shall not exceed $2,000 per savings trust account in any taxable year. Unused portions of the deduction may be carried forward until the contribution has been fully deducted. The tax deduction is effective for taxable years beginning on and after January 1, 1999. The existing Freedom of Information Act exemptions for the prepaid tuition contract program are extended to apply to savings trust accounts.
FULL TEXT
- 01/13/99 House: Presented & ordered printed 999543809 pdf
- 02/04/99 House: Printed as engrossed 999543809-E pdf
- 02/19/99 House: Bill text as passed House and Senate (HB1600ER) pdf
- 04/02/99 Governor: Acts of Assembly Chapter text (CHAP0518) pdf
AMENDMENTS
HISTORY
- 01/13/99 House: Presented & ordered printed 999543809
- 01/13/99 House: Referred to Committee on Finance
- 01/19/99 House: Assigned to Finance sub-committee: 1
- 02/01/99 House: Reported from Finance with amd. (24-Y 0-N)
- 02/03/99 House: Read first time
- 02/04/99 House: Read second time
- 02/04/99 House: Committee amendment agreed to
- 02/04/99 House: Engrossed by House as amended
- 02/04/99 House: Printed as engrossed 999543809-E
- 02/05/99 House: Passed by for the day
- 02/06/99 House: Read third time and passed House (Block Vote) (100-Y 0-N)
- 02/06/99 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/06/99 House: Communicated to Senate
- 02/08/99 Senate: Constitutional reading dispensed
- 02/08/99 Senate: Referred to Committee on Finance
- 02/11/99 Senate: Reported from Finance (16-Y 0-N)
- 02/12/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/12/99 Senate: VOTE: (40-Y 0-N)
- 02/15/99 Senate: Read third time
- 02/15/99 Senate: Passed Senate (40-Y 0-N)
- 02/15/99 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/19/99 House: Bill text as passed House and Senate (HB1600ER)
- 02/26/99 House: Enrolled
- 02/26/99 House: Signed by Speaker
- 02/26/99 Senate: Signed by President
- 03/27/99 Governor: Approved by Governor-Chapter 518 (effective 7/1/99)
- 04/02/99 Governor: Acts of Assembly Chapter text (CHAP0518)