House File 2340 H-8034 Amend House File 2340 as follows: 1 1. Page 1, before line 1 by inserting: 2 < Section 1. Section 12D.1, subsection 2, paragraph k, Code 3 2020, is amended to read as follows: 4 k. “Qualified education expenses” means the same as 5 “qualified higher education expenses” as defined in section 6 529(e)(3) of the Internal Revenue Code, as amended by Pub. L. 7 No. 115-97, and shall include elementary and secondary school 8 expenses for tuition described in section 529(c)(7) of the 9 Internal Revenue Code, subject to the limitations imposed by 10 section 529(e)(3)(A) of the Internal Revenue Code. “Qualified 11 education expenses” includes amounts paid as principal or 12 interest on behalf of a beneficiary or a sibling of the 13 beneficiary on any qualified education loan as defined in 14 section 221(d) of the Internal Revenue Code. 15 Sec. ___. Section 422.7, subsection 32, paragraph c, 16 subparagraph (1), Code 2020, is amended by adding the following 17 new subparagraph division: 18 NEW SUBPARAGRAPH DIVISION . (d) Qualified education loan 19 repayments. > 20 2. Page 1, after line 16 by inserting: 21 < Sec. ___. Section 422.7, subsection 32, paragraph c, 22 subparagraph (2), Code 2020, is amended by adding the following 23 new subparagraph divisions: 24 NEW SUBPARAGRAPH DIVISION . (d) “Qualified education loan 25 repayments” means amounts paid as principal or interest on 26 behalf of the beneficiary or a sibling of the beneficiary on 27 any qualified education loan as defined in section 221(d) of 28 the Internal Revenue Code, not to exceed ten thousand dollars 29 in the aggregate for the beneficiary or a sibling of the 30 beneficiary, respectively. 31 NEW SUBPARAGRAPH DIVISION . (e) “Sibling” means an 32 individual who bears a relationship to the designated 33 beneficiary which is described in section 152(d)(2)(B) of the 34 Internal Revenue Code. > 35 -1- HF2340.3290 (2) 88 jm/jh 1/ 2 #1. #2.