Relating to connection to federal tax law; and prescribing an effective date.

Updates connection date to federal Internal Revenue Code and other provisions of federal tax law. Expands types of expenses, in conformity with federal law, for which use of withdrawal from higher education savings network account is qualified withdrawal for purpose of tax-advantaged treatment. Conforms age limits, applicable to retirement and to commencing payment of benefits, to federal law, for purposes of Public Employees Retirement System. Applies to transactions or activities occurring on or after January 1, 2021, in tax years beginning on or after January 1, 2021. Ties to provisions of federal law as amended and in effect on April 1, 2021. Takes effect on 91st day following adjournment sine die.