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Legislative Year: 2022 Change
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Bill Detail: HB22-1019

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Title Modifications To Qualified State Tuition Programs
Status Introduced In House - Assigned to Education (01/12/2022)
Bill Subjects
  • Education & School Finance (Pre & K-12)
  • Fiscal Policy & Taxes
House Sponsors C. Larson (R)
Senate Sponsors
House Committee Education
Senate Committee
Date Introduced 01/12/2022
Summary

The federal Tax Cuts and Jobs Act of 2017 added distributions
for elementary or secondary tuition expenses as qualified distributions
from a qualified state tuition program (529 account), thereby allowing, on

the federal level, income tax-free distributions for elementary and
secondary tuition expenses in addition to already authorized income
tax-free distributions for higher education expenses. Similarly, the federal
Setting Every Community Up for Retirement Enhancement Act of 2019
expanded the qualified distributions from a 529 account to include
repayment of qualified education loans and payments for registered
apprenticeships.
For the purpose of allowing Coloradans to take advantage of these
federal tax benefits, the bill creates the foundational learning experience
(FLEX) savings program.
The bill also specifies that distributions from FLEX savings
program accounts are not counted as federal or state taxable income and
that contributions to FLEX savings program accounts for qualified
elementary or secondary tuition expenses may not be deducted from state
taxable income.
The accounts created under the FLEX savings program are defined
by the following characteristics:
  • Account owners may only use distributions from the
accounts for qualified elementary or secondary tuition
expenses; and
  • Anyone may contribute to the account irrespective of their
relationship to the account's designated beneficiary.
The bill also allows for expenses for fees, books, supplies, and
equipment required for the participation of a designated beneficiary in
certain apprenticeship programs to be treated as qualified higher
education expenses and subtracted from federal taxable income. The bill
clarifies that qualified higher education expenses does not include
repayment of qualified education loans.

Committee Reports
with Amendments
None
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (01/19/2022) (most recent)  
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