HB18-1209

HB18-1209 - No 529 Account Income Tax Deduction For K-12 Kindergarten Through Twelfth Expenses

Postponed Indefinitely
Concerning amendments to the state income tax deduction for contributions to a qualified 529 account to ensure that the state income tax deduction is not aligned with the changes in the federal "Tax Cuts and Jobs Act" of 2017 that allow tax-free distributions for elementary and secondary school expenses.

The federal 'Tax Cuts and Jobs Act', which became law in December 2017, added distributions for elementary or secondary school expenses as qualified distributions from a qualified state tuition program, also known as a 529 account, thereby allowing, on the federal level, income tax-free distributions for elementary and secondary school expenses in addition to already authorized income tax-free distributions for higher education expenses.

The bill amends Colorado law to ensure that a taxpayer may not claim a deduction for contributions to qualified state tuition programs for elementary or secondary school expenses and clarifies that such expenses are not qualified distributions.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

House Committees

Senate Committees

Latest update: April 19, 2018
04/19/2018 - Senate Committee on Finance Postpone Indefinitely
04/17/2018 - Introduced In Senate - Assigned to Finance
04/17/2018 - House Third Reading Passed - No Amendments
04/16/2018 - House Second Reading Passed - No Amendments
04/13/2018 - House Second Reading Special Order - Laid Over Daily - No Amendments
04/10/2018 - House Second Reading Laid Over to 04/13/2018 - No Amendments
04/09/2018 - House Second Reading Laid Over to 04/10/2018 - No Amendments
04/04/2018 - House Second Reading Laid Over to 04/09/2018 - No Amendments
04/03/2018 - House Second Reading Laid Over to 04/04/2018 - No Amendments
04/02/2018 - House Second Reading Laid Over to 04/03/2018 - No Amendments
03/29/2018 - House Second Reading Laid Over to 04/02/2018 - No Amendments
03/26/2018 - House Committee on Education Refer Unamended to House Committee of the Whole
02/05/2018 - Introduced In House - Assigned to Education