Introduced Version
HOUSE BILL No. 1455
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3-3-12.
Synopsis: College savings plans. Provides an adjusted gross income
tax credit for a contribution to a 529 education savings plan established
in any state. (Current law provides a credit only for contributions to
Indiana's 529 education savings plan.)
Effective: January 1, 2007 (retroactive).
Klinker, Buell, Avery
January 23, 2007, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 115th General Assembly (2007)
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HOUSE BILL No. 1455
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-3-3-12; (07)IN1455.1.1. -->
SECTION 1. IC 6-3-3-12, AS ADDED BY P.L.192-2006,
SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2007 (RETROACTIVE)]: Sec. 12.
(a) As used in this
section,
"college choice "529 education savings plan" refers to
either
of the following:
(1) A college choice 529 investment plan established under
IC 21-9.
(2) A plan established in another state that qualifies as a
qualified tuition program under Section 529 of the Internal
Revenue Code.
(b) As used in this section, "taxpayer" means:
(1) an individual filing a single return; or
(2) a married couple filing a joint return.
(c) A taxpayer is entitled to a credit against the taxpayer's adjusted
gross income tax imposed by IC 6-3-1 through IC 6-3-7 for a taxable
year equal to the least of the following:
(1) Twenty percent (20%) of the amount of each contribution
made by the taxpayer to a college choice 529 education savings
plan during the taxable year.
(2) One thousand dollars ($1,000).
(3) The amount of the taxpayer's adjusted gross income tax
imposed by IC 6-3-1 through IC 6-3-7 for the taxable year,
reduced by the sum of all credits (as determined without regard to
this section) allowed by IC 6-3-1 through IC 6-3-7.
(d) A taxpayer is not entitled to a carryback, carryover, or refund of
an unused credit.
(e) A taxpayer may not sell, assign, convey, or otherwise transfer the
tax credit provided by this section.
(f) To receive the credit provided by this section, a taxpayer must
claim the credit on the taxpayer's annual state tax return or returns in
the manner prescribed by the department. The taxpayer shall submit to
the department all information that the department determines is
necessary for the calculation of the credit provided by this section.
SOURCE: ; (07)IN1455.1.2. -->
SECTION 2. [EFFECTIVE JANUARY 1, 2007 (RETROACTIVE)]
IC 6-3-3-12, as amended by this act, applies to taxable years
beginning after December 31, 2006.
SOURCE: ; (07)IN1455.1.3. -->
SECTION 3.
An emergency is declared for this act.