Julie Olthoff
- Republican
- Representative
- District 19
Author
Creates (beginning January 1, 2024) 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) $500; 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.
Signed by the Governor
Signed by the President of the Senate
Public Law 122
Signed by the President Pro Tempore
Signed by the Speaker
Motion to concur filed
House reconsidered and concurred in Senate amendments; Roll Call 345: yeas 94, nays 0
Motion to dissent filed
Senate advisors appointed: Niemeyer and Lanane
Senate conferees appointed: Holdman and Randolph Lonnie M
House advisors appointed: Karickhoff, Engleman and Klinker
House conferees appointed: Olthoff and Pryor
House dissented from Senate amendments
Returned to the House with amendments
Third reading: passed; Roll Call 307: yeas 48, nays 0
Second reading: ordered engrossed
Senator Becker added as cosponsor
Committee report: amend do pass, adopted
Senator Randolph added as cosponsor
First reading: referred to Committee on Tax and Fiscal Policy
Referred to the Senate
Senate sponsors: Senators Holdman and Niemeyer
Third reading: passed; Roll Call 147: yeas 92, nays 0
Second reading: ordered engrossed
Committee report: amend do pass, adopted
Representative Clere added as coauthor
Authored by Representative Olthoff
First reading: referred to Committee on Ways and Means
Coauthored by Representatives Karickhoff and Davisson J.
| Bill Text Versions | Format |
|---|---|
| Introduced House Bill (H) | |
| House Bill (H) | |
| House Bill (S) | |
| Enrolled House Bill (H) |
| Document | Format |
|---|---|
| Fiscal Note: HB1303.04.ENRS.FN001 |
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