Bill Text: IA SF2100 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act providing for participation in the Iowa educational savings plan trust by nonprofit organizations. (See SF 2301.)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-03-03 - Fiscal note. SCS. [SF2100 Detail]

Download: Iowa-2015-SF2100-Introduced.html

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Senate File 2100 - Introduced




                                 SENATE FILE       
                                 BY  PETERSEN

                                      A BILL FOR

  1 An Act providing for participation in the Iowa educational
  2    savings plan trust by nonprofit organizations.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 12D.1, subsection 2, paragraph i, Code
  1  2 2016, is amended to read as follows:
  1  3    i.  "Participant" means an individual, individual's legal
  1  4 representative, trust, or estate, or an organization described
  1  5 in section 501(c)(3) of the Internal Revenue Code and exempt
  1  6 from taxation under section 501(a) of the Internal Revenue
  1  7 Code, that has entered into a participation agreement under
  1  8 this chapter for the advance payment of higher education costs
  1  9 on behalf of a beneficiary.
  1 10                           EXPLANATION
  1 11 The inclusion of this explanation does not constitute agreement with
  1 12 the explanation's substance by the members of the general assembly.
  1 13    This bill adds tax=exempt, Internal Revenue Code {501(c)(3)
  1 14 nonprofit organizations as entities eligible to participate
  1 15 in the Iowa educational savings plan trust, also known as the
  1 16 Iowa college savings 529 plan.  These organizations will now be
  1 17 eligible to open accounts for individual beneficiaries and make
  1 18 contributions for the future payment of higher education costs
  1 19 on behalf of those beneficiaries.
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