Full Text of HB4751 100th General Assembly
HB4751sam002 100TH GENERAL ASSEMBLY | Sen. Bill Cunningham Filed: 5/14/2018
| | 10000HB4751sam002 | | LRB100 17260 RJF 39931 a |
|
| 1 | | AMENDMENT TO HOUSE BILL 4751
| 2 | | AMENDMENT NO. ______. Amend House Bill 4751 as follows:
| 3 | | on page 26, immediately below line 19, by inserting the | 4 | | following: | 5 | | " (D-20.5) For taxable years beginning on or after January | 6 | | 1, 2018, in the case of a distribution from a qualified ABLE | 7 | | program under Section 529A of the Internal Revenue Code, other | 8 | | than a distribution from a qualified ABLE program created under | 9 | | Section 16.6 of the State Treasurer Act, an amount equal to the | 10 | | amount excluded from gross income under Section 529A(c)(1)(B) | 11 | | of the Internal Revenue Code; "; and | 12 | | on page 27, by replacing lines 1 through 10 with the following: | 13 | | " (D-21.5) For taxable years beginning on or after January | 14 | | 1, 2018, in the case of the transfer of moneys from a qualified |
| | | 10000HB4751sam002 | - 2 - | LRB100 17260 RJF 39931 a |
|
| 1 | | tuition program under Section 529 or a qualified ABLE program | 2 | | under Section 529A of the Internal Revenue Code that is | 3 | | administered by this State to an ABLE account established under | 4 | | an out-of-state ABLE account program, an amount equal to the | 5 | | contribution component of the transferred amount that was | 6 | | previously deducted from base income under subsection | 7 | | (a)(2)(Y) or subsection (a)(2)(HH) of this Section; "; and | 8 | | on page 27, line 12, after "2009,", by inserting " and prior to | 9 | | January 1, 2018, "; and | 10 | | on page 27, line 22, after "disability", by inserting " . For | 11 | | taxable years beginning on or after January 1, 2018: (1) in the | 12 | | case of a nonqualified withdrawal or refund, as defined under | 13 | | Section
16.5 of the State Treasurer Act, of moneys from a | 14 | | qualified tuition program under Section 529 of the Internal | 15 | | Revenue Code administered by the State, an amount equal to the | 16 | | contribution component of the nonqualified withdrawal or | 17 | | refund that was previously deducted from base
income under | 18 | | subsection (a)(2)(Y) of this Section, and (2) in the case of a | 19 | | nonqualified withdrawal or refund from a qualified ABLE program | 20 | | under Section 529A of the Internal Revenue Code administered by | 21 | | the State that is not used for qualified disability expenses, | 22 | | an amount equal to the contribution component of the | 23 | | nonqualified withdrawal or refund that was previously deducted | 24 | | from base income under subsection (a)(2)(HH) of this Section ;"; |
| | | 10000HB4751sam002 | - 3 - | LRB100 17260 RJF 39931 a |
|
| 1 | | and | 2 | | on page 41, line 11, by replacing "and" with " and "; and | 3 | | on page 41, by replacing line 26 with "(GG) is exempt from the | 4 | | provisions of Section 250 ; and . "; and | 5 | | on page 41, immediately below line 26, by inserting the | 6 | | following: | 7 | | " (HH) For taxable years beginning on or after January 1, | 8 | | 2018 and prior to January 1, 2023, a maximum of $10,000 | 9 | | contributed in the taxable year to a qualified ABLE account | 10 | | under Section 16.6 of the State Treasurer Act, except that | 11 | | amounts excluded from gross income under Section | 12 | | 529(c)(3)(C)(i) or Section 529A(c)(1)(C) of the Internal | 13 | | Revenue Code shall not be considered moneys contributed under | 14 | | this subparagraph (HH). For purposes of this subparagraph (HH), | 15 | | contributions made by an employer on behalf of an employee, or | 16 | | matching contributions made by an employee, shall be treated as | 17 | | made by the employee. ".
|
|