Bill No. HB145
Bill ID
1490580
State
DE
Title
An Act To Amend Title 30 Of The Delaware Code Relating To College Savings And Able Savings Accounts.
Description
This Act will allow Delaware residents two new deductions from personal income tax. The first is a deduction from taxable income of up to $1,000 for contributions to an account in a Delaware-sponsored qualified tuition program, as that term is defined under 26 U.S.C. § 529 (a 529 College Savings Plan). The second is a deduction from taxable income of up to $5,000 for contributions to an account in a Delaware-sponsored ABLE program, as that term is defined under 26 U.S.C. § 529A (a 529A Savings Account - a special account for meeting the needs of certain individuals with disabilities). The 529 and 529A deduction is only applicable to the Delaware-sponsored plan. A transfer or rollover from another account authorized under 26 U.S.C. §§ 529 and 529A or for a change in beneficiary of any such account does not qualify for the deduction.
Bill Type
Bill
Category
529 Accounts
Session
151st General Assembly
Special Session
No Data Available
Current Status
Passed
Status Last Updated
2022-06-30
Pending Committee
Calendar
Sponsors
Texts
Votes
Amendments
No data available
Supplements
No data available