No 529 Account Income Tax Deduction For K-12 Kindergarten Through Twelfth Expenses

The federal 'Tax Cuts and Jobs Act', which became law in December 2017, added distributions for elementary or secondary school expenses as qualified distributions from a qualified state tuition program, also known as a 529 account, thereby allowing, on the federal level, income tax-free distributions for elementary and secondary school expenses in addition to already authorized income tax-free distributions for higher education expenses. The bill amends Colorado law to ensure that a taxpayer may not claim a deduction for contributions to qualified state tuition programs for elementary or secondary school expenses and clarifies that such expenses are not qualified distributions. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More