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Legislative Year: 2022 Change

Bill Detail: SB22-084

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Title 529 Plan Education Loan Payment Eligible Distribution
Status Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely (02/08/2022)
Bill Subjects
  • Education & School Finance (Pre & K-12)
  • Fiscal Policy & Taxes
House Sponsors M. Bradfield (R)
Senate Sponsors R. Gardner (R)
House Committee
Senate Committee State, Veterans and Military Affairs
Date Introduced 01/20/2022

Under federal law, money deposited in a qualified tuition program
under section 529 of the internal revenue code (529 plan) grows tax
deferred and is withdrawn tax free when used for eligible expenses. In

addition to the federal tax benefit, the state provides an incentive for the
deposit of money into a 529 plan by offering a state income tax deduction
for contributions to a plan.
In 2019, the federal government included paying principal or
interest on any qualified education loan, up to a $10,000 lifetime limit per
plan beneficiary or sibling of a plan beneficiary, as an eligible expense.
Current law requires the state income tax deduction to be
recaptured from the taxpayer if a distribution is not used for listed
purposes. The bill specifies that using a 529 plan for paying principal or
interest on any qualified education loan, not to exceed $10,000, is also an
eligible distribution for purposes of the state income tax deduction for
contributions to such 529 plans.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (01/26/2022) (most recent)  
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