Bills · 2019-2020 Regular Session
Relating to: extending the deadline for contributions to a college savings account. (FE)
Governor Governor — Legislation by request of Scholarships and loans
- Introduced, stopped here
- Passes Senate, not reached
- Passes Assembly, not reached
- Governor signs, not reached
- Law, not reached
Unfamiliar terms? Glossary
What this bill does
Plain-language analysis by the nonpartisan Legislative Reference Bureau
Under current law, certain individuals may subtract from their federal
adjusted gross income certain amounts contributed to a college savings account, also
known as an EdVest account. To be eligible for the subtraction, the contribution must
be made no later than the 15th day of the fourth month beginning after the close of
the taxpayer's taxable year to which the subtraction relates. Under this bill, during
the period covered by the public health emergency declared by executive order 72 on
March 12, 2020, such contributions are timely and a subtraction may be claimed if
it is made by the 15th day of the seventh month beginning after the close of the
taxpayer's taxable year.
What it would cost
Fiscal estimates filed by state agencies, as official PDFs
Sponsors
Full history
- Mar 26, 2020 · Senate
Introduced by Senator Kooyenga; cosponsored by Representative Ramthun
- Mar 26, 2020 · Senate
Read first time and referred to Committee on Agriculture, Revenue and Financial Institutions
- Apr 1, 2020 · Senate
Failed to pass pursuant to Senate Joint Resolution 1
- Apr 17, 2020 · Senate
Fiscal estimate received