Iowa 2019-2020 Regular Session Status: Enacted

HF 2340 — A bill for an act relating to the Iowa educational savings plan trust by permitting the use of funds for certain beneficiaries to attend out-of-state elementary or secondary schools, and including retroactive applicability provisions. (Formerly HF 2024.) Effective date: 07/01/2020. Applicability date: 01/01/2020.

Last action — Signed by Governor.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 11, 2020. Enacted.

Prognosis

Not enough signal yet

Where this bill stands today.

Odds of enactment

High

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Bill Text

What changed in the latest version

19 added · 36 removed

19 line(s) added, 36 removed.

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House File 2340 - Introduced HOUSE FILE 2340 BY COMMITTEE ON EDUCATION (SUCCESSOR TO HF 2024) A BILL FOR An Act relating to the Iowa educational savings plan trust by permitting the use of funds for certain beneficiaries to attend out-of-state elementary or secondary schools, and including retroactive applicability provisions.
House File 2340 - Enrolled House File 2340 AN ACT RELATING TO THE IOWA EDUCATIONAL SAVINGS PLAN TRUST BY PERMITTING THE USE OF FUNDS FOR CERTAIN BENEFICIARIES TO ATTEND OUT-OF-STATE ELEMENTARY OR SECONDARY SCHOOLS, AND INCLUDING RETROACTIVE APPLICABILITY PROVISIONS.
TLSB 5485HV (1) 88 jm/jh H.F.
Section 1.
2340 Section 1.
Sec.
House File 2340, p.
2 Sec.
EXPLANATION The inclusion of this explanation does not constitute agreement with the explanation’s substance by the members of the general assembly.
______________________________ ______________________________ PAT GRASSLEY CHARLES SCHNEIDER Speaker of the House President of the Senate I hereby certify that this bill originated in the House and is known as House File 2340, Eighty-eighth General Assembly.
This bill relates to the Iowa educational savings plan trust (529 plan) by permitting the use of funds for certain beneficiaries to attend out-of-state elementary or secondary schools.
______________________________ MEGHAN NELSON Chief Clerk of the House Approved _______________, 2020 ______________________________ KIM REYNOLDS Governor
Currently, a taxpayer does not pay taxes on money withdrawn from a 529 plan to pay for qualified education expenses to an elementary or secondary school located in this state, among other tax incentives available to a participant in a 529 plan.
The bill amends the definition of “elementary or secondary school” by permitting tax-free withdrawals to pay qualified educational expenses for an out-of-state elementary or secondary school that educates a beneficiary who meets the definition of “children requiring special education” in Code LSB 5485HV (1) 88 -1- jm/jh 1/2 H.F.
2340 section 256B.2.
The bill applies retroactively to tax years beginning on or after January 1, 2020.
LSB 5485HV (1) 88 -2- jm/jh 2/2
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Amendments

2 amendments

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Action History

  1. Signed by Governor.

  2. Reported correctly enrolled, signed by Speaker and President, and sent to Governor.

  3. Message from Senate.

  4. Immediate message.

  5. Passed Senate, yeas 49, nays 0.

  6. Committee report, recommending passage.

  7. Subcommittee recommends passage.

  8. Explanation of vote.

  9. Subcommittee Meeting: 03/03/2020 4:00PM RM 315.

  10. Subcommittee: Kraayenbrink, Cournoyer, and J. Smith.

  11. Explanation of vote.

  12. Read first time, referred to Education.

  13. Message from House.

  14. Immediate message.

  15. Passed House, yeas 96, nays none.

  16. Amendments H-8029 and H-8034 withdrawn.

  17. Amendment H-8034 filed.

  18. Amendment H-8029 filed.

  19. Fiscal note.

  20. Introduced, placed on calendar.

Sponsorship breakdown

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0 sponsors · 0 co-sponsors · 150 not signed on

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (150)

150 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

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This bill has been enacted into law. Introduced February 11, 2020. Enacted.
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