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1999 SESSION
HB 1933 Income tax deduction for purchase of prepaid tuition contracts.
Introduced by: Mitchell Van Yahres | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Income tax deduction for purchase of prepaid tuition contracts. Allows taxpayers who are age 70 or older to deduct the full amount paid for the purchase of a prepaid tuition contract. Currently, the amount of the deduction that may be taken by a taxpayer in any year is limited to $2,000 per contract.
SUMMARY AS PASSED HOUSE:
Income tax deduction for purchase of prepaid tuition contracts. Allows the purchaser of a prepaid tuition contract to take a state income tax deduction for the full amount paid from his adjusted gross income in the year the payment is made if the purchaser is age seventy when the contract was purchased. Currently, the amount of the deduction that may be taken by a taxpayer in any year is limited to $2,000 per contract. Such persons who purchased prepaid tuition contracts during 1996 and 1997 may take a deduction for the amount paid during those years, less any deduction already taken for such payments, in taxable year 1999 or by filing an amended return for taxable year 1998.
SUMMARY AS INTRODUCED:
Income tax deduction for purchase of prepaid tuition contracts. Allows the purchaser of a prepaid tuition contract to take a state income tax deduction for the full amount paid from his adjusted gross income in the year the payment is made if the purchaser is age seventy when the contract was purchased. Currently, the amount of the deduction that may be taken by a taxpayer in any year is limited to $2,000 per contract. Such persons who purchased prepaid tuition contracts during 1996 and 1997 may take a deduction for the amount paid during those years, less any deduction already taken for such payments, in taxable year 1999 or by filing an amended return for taxable year 1998.