Text: HF02353 Text: HF02355 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 12D.3, subsection 1, paragraph a, Code 1 2 2001, is amended to read as follows: 1 3 a. Each participation agreement may require a participant 1 4 to agree to invest a specific amount of money in the trust for 1 5 a specific period of time for the benefit of a specific 1 6 beneficiary. A participant shall not be required to make an 1 7 annual contribution on behalf of a beneficiary. The minimum 1 8 contribution per beneficiary per year, in a year in which a 1 9 participant is making a contribution, shall be fifty dollars. 1 10 The maximum contribution that may be deducted for Iowa income 1 11 tax purposes shall not exceedtwothree thousand dollars per 1 12 beneficiary per year adjusted annually to reflect increases in 1 13 the consumer price index. The treasurer of state shall set an 1 14 account balance limit to maintain compliance with section 529 1 15 of the Internal Revenue Code. A contribution shall not be 1 16 permitted to the extent it causes the aggregate balance of all 1 17 accounts established for the same beneficiary to exceed the 1 18 applicable account balance limit. 1 19 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 20 being deemed of immediate importance, takes effect upon 1 21 enactment and applies retroactively to January 1, 2002, for 1 22 tax years beginning on or after that date. 1 23 EXPLANATION 1 24 This bill provides for an increase in the level of annual 1 25 contributions to the Iowa educational savings plan trust which 1 26 are deductible for state income tax purposes. The bill 1 27 provides for an increase in the deductible contribution level 1 28 from $2,000 per year to $3,000 per year. The bill takes 1 29 effect upon enactment and applies retroactively to January 1, 1 30 2002, for tax years beginning on or after that date. 1 31 LSB 5540YH 79 1 32 rn/hk/91
Text: HF02353 Text: HF02355 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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