Introduced Version






HOUSE BILL No. 1440

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3-2-22.

Synopsis: Deduction for postsecondary tuition. Provides a deduction to an individual in each taxable year for qualified tuition and related expenses paid by the individual during the taxable year. Limits the amount of the deduction to $4,000 per taxable year for an individual filing a single return and $8,000 per taxable year for a married couple filing a joint return. Provides for a lifetime limit of $20,000 of deductions for qualified tuition and related expenses per individual for all taxable years.

Effective: January 1, 2010.





Riecken, Grubb, VanDenburgh




    January 13, 2009, read first time and referred to Committee on Education.







Introduced

First Regular Session 116th General Assembly (2009)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1440



    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 6-3-2-22; (09)IN1440.1.1. -->     SECTION 1. IC 6-3-2-22 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2010]: Sec. 22. (a) As used in this section, "qualified tuition and related expenses" has the meaning set forth in Section 25A(f)(1) of the Internal Revenue Code (26 U.S.C. 25A(f)(1)).
     (b) Except as otherwise provided in this section, an individual is entitled to a deduction from adjusted gross income in each taxable year for qualified tuition and related expenses paid by the individual during the taxable year.
     (c) The amount of a deduction provided by subsection (b) for a taxable year may not exceed:
        (1) four thousand dollars ($4,000) in the case of an individual filing a single return; or
        (2) eight thousand dollars ($8,000) in the case of a married couple filing a joint return.
    (d) The lifetime total of all deductions allowed to an individual under this section for all taxable years may not exceed twenty

thousand dollars ($20,000). In determining the lifetime total of all deductions allowed to an individual under this section for all taxable years, the individual is charged with one-half (1/2) of the deduction allowed under this section for each taxable year in which the individual claimed a deduction under this section on a joint return filed with the individual's spouse.

SOURCE: ; (09)IN1440.1.2. -->     SECTION 2. [EFFECTIVE JANUARY 1, 2010] IC 6-3-2-22, as added by this act, applies only to taxable years beginning after December 31, 2009.