Text: HF02549                           Text: HF02551
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House File 2550

Partial Bill History

Bill Introduced: H.J. 953
Committee Report Issued: S.J. 1074
Passed House: H.J. 1185
Passed Senate: S.J. 1225
Signed by Governor: H.J. 2385
Complete Bill History

Bill Text

PAG LIN
  1  1                                            HOUSE FILE 2550
  1  2                             AN ACT
  1  3 RELATING TO THE IOWA EDUCATIONAL SAVINGS PLAN TRUST AND 
  1  4    PROVIDING AN EFFECTIVE DATE.  
  1  5 
  1  6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  7 
  1  8    Section 1.  Section 12D.1, Code 1999, is amended by adding
  1  9 the following new subsection:
  1 10    NEW SUBSECTION.  0A.  "Account balance limit" means the
  1 11 maximum allowable aggregate balance of accounts established
  1 12 for the same beneficiary.  Account earnings, if any, are
  1 13 included in the account balance limit.
  1 14    Sec. 2.  Section 12D.3, subsection 1, paragraph a, Code
  1 15 Supplement 1999, is amended to read as follows:
  1 16    a.  Each participation agreement may require a participant
  1 17 to agree to invest a specific amount of money in the trust for
  1 18 a specific period of time for the benefit of a specific
  1 19 beneficiary.  A participant shall not be required to make an
  1 20 annual contribution on behalf of a beneficiary.  The minimum
  1 21 contribution per beneficiary per year, in a year in which a
  1 22 participant is making a contribution, shall be fifty dollars,
  1 23 and the.  The maximum contribution that may be deducted for
  1 24 Iowa income tax purposes shall not exceed two thousand dollars
  1 25 per beneficiary per year adjusted annually to reflect
  1 26 increases in the consumer price index.  However, the The
  1 27 treasurer of state may shall set a maximum, as necessary, an
  1 28 account balance limit to maintain compliance with section 529
  1 29 of the Internal Revenue Code.  A contribution shall not be
  1 30 permitted to the extent it causes the aggregate balance of all
  1 31 accounts established for the same beneficiary to exceed the
  1 32 applicable account balance limit.
  1 33    Sec. 3.  Section 12D.3, subsection 2, Code Supplement 1999,
  1 34 is amended to read as follows:
  1 35    2.  Beneficiaries designated in participation agreements
  2  1 may be designated from date of birth up to, but not including,
  2  2 their eighteenth birthday.  A substitute beneficiary may be
  2  3 older than age eighteen provided that the substitute
  2  4 beneficiary is not older than the original beneficiary when
  2  5 the substitution is made.
  2  6    Sec. 4.  Section 12D.3, subsection 5, paragraph a, Code
  2  7 Supplement 1999, is amended to read as follows:
  2  8    a.  A beneficiary under a participation agreement may be
  2  9 changed as permitted under rules adopted by the treasurer of
  2 10 state upon written request of the participant prior to the
  2 11 date of admission of the beneficiary to an institution of
  2 12 higher education as long as the substitute beneficiary is
  2 13 eligible for participation.
  2 14    Sec. 5.  Section 422.7, subsection 32, paragraph a, Code
  2 15 1999, is amended by striking the paragraph and inserting in
  2 16 lieu thereof the following:
  2 17    a.  Subtract the maximum contribution that may be deducted
  2 18 for Iowa income tax purposes as a participant in the Iowa
  2 19 educational savings plan trust pursuant to section 12D.3,
  2 20 subsection 1, paragraph "a".
  2 21    Sec. 6.  EFFECTIVE DATE.  This Act, being deemed of
  2 22 immediate importance, takes effect upon enactment.  
  2 23 
  2 24 
  2 25                                                             
  2 26                               BRENT SIEGRIST
  2 27                               Speaker of the House
  2 28 
  2 29 
  2 30                                                             
  2 31                               MARY E. KRAMER
  2 32                               President of the Senate
  2 33 
  2 34    I hereby certify that this bill originated in the House and
  2 35 is known as House File 2550, Seventy-eighth General Assembly.
  3  1 
  3  2 
  3  3                                                             
  3  4                               ELIZABETH ISAACSON
  3  5                               Chief Clerk of the House
  3  6 Approved                , 2000
  3  7 
  3  8 
  3  9                            
  3 10 THOMAS J. VILSACK
  3 11 Governor

Text: HF02549                           Text: HF02551
Text: HF02500 - HF02599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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