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Bill Detail: HB19-1123

 

Title Income Tax Deduction For 529 Account K-12 Expenses
Status House Committee on Education Postpone Indefinitely (02/19/2019)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors C. Larson (R)
Senate Sponsors J. Smallwood (R)
House Committee Education
Senate Committee
Date Introduced 01/16/2019
Description

Current law allows contributions to a qualified state tuition
program, also known as a 529 account, so long as the distributions are

used for qualified higher education expenses, with some exceptions, but
not for elementary and secondary tuition expenses. The federal Tax Cuts
and Jobs Act, which became law in December 2017, added distributions
for tuition expenses in connection with enrollment or attendance at an
elementary or secondary public, private, or religious school as qualified
distributions thereby allowing, on the federal level, income tax-free
distributions for certain elementary and secondary education expenses in
addition to already authorized income tax-free distributions for higher
education expenses.
The bill makes similar changes to Colorado law to allow a
deduction for contributions to qualified state tuition programs for tuition
expenses in connection with enrollment or attendance at an elementary or
secondary public, private, or religious school and designating such
expenses as qualified distributions, which ensures that a taxpayer does not
encounter tax recapture of any claimed deductions when such
contributions are distributed for tuition expenses in connection with
enrollment or attendance at an elementary or secondary public, private,
or religious school.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (01/31/2019) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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Audio  
Votes House and Senate Votes
Vote Totals Vote Totals by Party
 
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