Indiana Senate Bill 559 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on January 14 2019 - 25% progression, died in committee
Action: 2019-02-04 - Senators Bassler, Ford Jon, Melton added as coauthors
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [PDF]

ABLE account tax credit. Creates a stand-alone credit for contributions to Indiana ABLE accounts. Provides that a taxpayer is entitled to a credit against adjusted gross income tax equal to the least of: (1) 20% of the amount of the total contributions made by the taxpayer to an account or accounts of an Indiana ABLE 529A savings plan during the taxable year; (2) $1,000; or (3) the amount of the taxpayer's adjusted gross income tax for the taxable year, reduced by the sum of all allowable credits. Provides that a taxpayer is not entitled to a carryback, carryover, or refund of an unused credit. Provides that a taxpayer may not sell, assign, convey, or otherwise transfer the tax credit. Provides that an account owner of an Indiana ABLE 529A savings plan must repay all or a part of the credit in a taxable year in which any nonqualified withdrawal is made. Provides that a rollover of assets or transfer of assets to an Indiana ABLE 529A account is a qualified withdrawal from a college choice 529 education savings plan.

ABLE account tax credit. Creates a stand-alone credit for contributions to Indiana ABLE accounts. Provides that a taxpayer is entitled to a credit against adjusted gross income tax equal to the least of: (1) 20% of the amount of the total contributions made by the taxpayer to an account or accounts of an Indiana ABLE 529A savings plan during the taxable year; (2) $1,000; or (3) the amount of the taxpayer's adjusted gross income tax for the taxable year, reduced by the sum of all allowable credits. Provides that a taxpayer is not entitled to a carryback, carryover, or refund of an unused credit. Provides that a taxpayer may not sell, assign, convey, or otherwise transfer the tax credit. Provides that an account owner of an Indiana ABLE 529A savings plan must repay all or a part of the credit in a taxable year in which any nonqualified withdrawal is made. Provides that a rollover of assets or transfer of assets to an Indiana ABLE 529A account is a qualified withdrawal from a college choice 529 education savings plan.

Sen. Erin Houchin [R]	Sen. Ed Charbonneau [R]	Sen. Jean Breaux [D]	Sen. John Ruckelshaus [R]
Sen. Eric Bassler [R]	Sen. Jon Ford [R]	Sen. Eddie Melton [D]

Date	Chamber	Action
2019-02-04	Senate	Senators Bassler, Ford Jon, Melton added as coauthors
2019-02-04	Senate	Senator Charbonneau added as second author
2019-01-31	Senate	Senator Ruckelshaus added as coauthor
2019-01-31	Senate	Senator Breaux added as coauthor
2019-01-14	Senate	First reading: referred to Committee on Appropriations
2019-01-14	Senate	Authored by Senator Houchin

Type	Source
Summary	https://iga.in.gov/legislative/2019/bills/senate/559/details
Text	http://iga.in.gov/static-documents/0/1/c/b/01cb0da8/SB0559.01.INTR.pdf