Senate
File
2100
-
Introduced
SENATE
FILE
2100
BY
PETERSEN
A
BILL
FOR
An
Act
providing
for
participation
in
the
Iowa
educational
1
savings
plan
trust
by
nonprofit
organizations.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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2100
Section
1.
Section
12D.1,
subsection
2,
paragraph
i,
Code
1
2016,
is
amended
to
read
as
follows:
2
i.
“Participant”
means
an
individual,
individual’s
legal
3
representative,
trust,
or
estate
,
or
an
organization
described
4
in
section
501(c)(3)
of
the
Internal
Revenue
Code
and
exempt
5
from
taxation
under
section
501(a)
of
the
Internal
Revenue
6
Code,
that
has
entered
into
a
participation
agreement
under
7
this
chapter
for
the
advance
payment
of
higher
education
costs
8
on
behalf
of
a
beneficiary.
9
EXPLANATION
10
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
11
the
explanation’s
substance
by
the
members
of
the
general
assembly.
12
This
bill
adds
tax-exempt,
Internal
Revenue
Code
§501(c)(3)
13
nonprofit
organizations
as
entities
eligible
to
participate
14
in
the
Iowa
educational
savings
plan
trust,
also
known
as
the
15
Iowa
college
savings
529
plan.
These
organizations
will
now
be
16
eligible
to
open
accounts
for
individual
beneficiaries
and
make
17
contributions
for
the
future
payment
of
higher
education
costs
18
on
behalf
of
those
beneficiaries.
19
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