Amends GS 105-153.5(b), concerning deductions from taxable income by taxpayers, creating a new deduction and allowing taxpayers to deduct up to $2,500 when contributed to an account in the Parental Savings Trust Fund of the State Education Assistance Authority. Further provides that for married couples filing jointly, the permissible deduction is up to $5,000. Requires amounts withdrawn from the fund to be added to taxable income if it was not spent on qualified higher education expenses for the designated beneficiary, unless permitted as specified.
Effective for taxable years beginning on or after January 1, 2016.
RESTORE TAX DEDUCTION FOR 529 PLAN.
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| View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO REENACT THE TAX DEDUCTION FOR CERTAIN CONTRIBUTIONS TO THE PARENTAL SAVINGS TRUST FUND.Intro. by Smith, Foushee, Robinson.
Status: Ref To Com On Finance (Senate Action) (Apr 26 2016)
Bill History:
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Mon, 25 Apr 2016 Senate: Filed(link is external)
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Tue, 26 Apr 2016 Senate: Passed 1st Reading(link is external)
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Tue, 26 Apr 2016 Senate: Ref To Com On Finance(link is external)
S 745
Bill Summaries:
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Bill S 745 (2015-2016)Summary date: Apr 25 2016 - View Summary
View: All Summaries for Bill