Bill Text: IA HF2667 | 2023-2024 | 90th General Assembly | Enrolled


Bill Title: A bill for an act relating to the treasurer of state's duties, including Iowa educational savings plan trust and Iowa ABLE savings plan trust requirements and disposition of unclaimed property, and including retroactive applicability provisions. (Formerly HF 2537, HSB 626.) Effective date: 07/01/2024. Applicability date: 01/01/2024.

Spectrum: Committee Bill

Status: (Passed) 2024-05-08 - Signed by Governor. H.J. 939. [HF2667 Detail]

Download: Iowa-2023-HF2667-Enrolled.html
House File 2667 - Enrolled House File 2667 AN ACT RELATING TO THE TREASURER OF STATE’S DUTIES, INCLUDING IOWA EDUCATIONAL SAVINGS PLAN TRUST AND IOWA ABLE SAVINGS PLAN TRUST REQUIREMENTS AND DISPOSITION OF UNCLAIMED PROPERTY, AND INCLUDING RETROACTIVE APPLICABILITY PROVISIONS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: DIVISION I IOWA EDUCATIONAL SAVINGS PLAN TRUST Section 1. Section 12D.3, subsection 1, Code 2024, is amended to read as follows: 1. Each participation agreement may require a participant to agree to invest a specific amount of money in the trust for a specific period of time for the benefit of a specific beneficiary. A participant shall not be required to make an annual contribution on behalf of a beneficiary. The maximum contribution that may be deducted for Iowa income tax purposes shall not exceed two five thousand five hundred dollars per beneficiary per year adjusted annually to reflect increases in the consumer price index. The treasurer of state shall set an account balance limit to maintain compliance with section 529 of the Internal Revenue Code. A contribution shall not be permitted to the extent it causes the aggregate balance of all
House File 2667, p. 2 accounts established for the same beneficiary under the trust to exceed the applicable account balance limit. Sec. 2. Section 422.7, subsection 22, paragraph c, subparagraph (1), Code 2024, is amended by adding the following new subparagraph division: NEW SUBPARAGRAPH DIVISION . (g) A direct trustee-to-trustee transfer to a Roth individual retirement account in accordance with the rules under section 529(c)(3)(E) of the Internal Revenue Code. Sec. 3. RETROACTIVE APPLICABILITY. This division of this Act applies retroactively to January 1, 2024, for tax years beginning on or after that date. DIVISION II DISPOSITION OF UNCLAIMED PROPERTY Sec. 4. Section 556.12, subsection 1, Code 2024, is amended to read as follows: 1. If a report has been filed with the treasurer of state, or property has been paid or delivered to the treasurer of state, for the fiscal year ending on June 30 or, in the case of unclaimed demutualization proceeds, for the preceding calendar year as required by section 556.11 , the treasurer of state shall provide may do any of the following: a. Provide for the publication annually of at least one notice not later than the following November 30. Each notice shall may be published at least once each week for two successive weeks in an English language newspaper of general circulation in the county in this state in which is located the last known address of any person to be named in the notice. If an address is not listed or if the address is outside this state, the notice shall may be published in the county in which the holder of the abandoned property has its principal place of business within this state. b. Publish information to make the public aware of the existence of unclaimed property and the treasurer of state’s unclaimed property program in a newspaper in general circulation in the state. Sec. 5. Section 556.19, Code 2024, is amended to read as follows:
House File 2667, p. 3 556.19 Claim Procedure for abandoned property paid or delivered. 1. Any person claiming an interest in any property delivered to the state under this chapter may file a claim thereto or to the proceeds from the sale thereof on the form prescribed by the state treasurer. 2. Notwithstanding subsection 1, the treasurer of state may waive the requirement of a claim form and pay or deliver property directly to a person if the person receiving the property or payment is shown to be the apparent owner included on a report filed under section 556.11 and the treasurer of state reasonably believes the person is entitled to receive the property or payment. The treasurer of state may use state tax information to assist in identifying the owner of property that has been abandoned as provided under this chapter or in verifying a claim filed under this chapter. ______________________________ PAT GRASSLEY Speaker of the House ______________________________ AMY SINCLAIR President of the Senate I hereby certify that this bill originated in the House and is known as House File 2667, Ninetieth General Assembly. ______________________________ MEGHAN NELSON Chief Clerk of the House Approved _______________, 2024 ______________________________ KIM REYNOLDS Governor
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