Indiana House Bill 1303
Session 2022
Tax credit for ABLE account contributions.
Became Law
Signed by Governor on Mar 14, 2022
Sponsors
3 Sponsors
Julie Olthoff
Travis Holdman
Rick Niemeyer
First Action
Jan 11, 2022
Latest Action
Mar 14, 2022
Origin Chamber
House
Type
Bill
Bill Number
1303
State
Indiana
Session
2022
Julie Olthoff
grade
Author
Rick Niemeyer
grade
Sponsor
Travis Holdman
grade
Sponsor
Coauthor
Coauthor
Cosponsor
Coauthor
Cosponsor
House votes are unavailable for this bill.
Summary
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.
Enrolled House Bill (H)
March 7, 2022
Introduced House Bill (H)
January 11, 2022
House Bill (H)
January 24, 2022
House Bill (S)
February 22, 2022
Fiscal Note: HB1303.04.ENRS.FN001
03/14/2022
Senate
Signed by the President of the Senate
03/14/2022
House
Public Law 122
03/14/2022
Office of the Governor
Signed by the Governor
03/09/2022
Senate
Signed by the President Pro Tempore
03/09/2022
House
Signed by the Speaker
03/07/2022
House
House reconsidered and concurred in Senate amendments; Roll Call 345: yeas 94, nays 0
03/07/2022
House
Motion to concur filed
03/02/2022
Senate
Senate advisors appointed: Niemeyer and Lanane
03/02/2022
Senate
Senate conferees appointed: Holdman and Randolph Lonnie M
03/02/2022
House
House advisors appointed: Karickhoff, Engleman and Klinker
03/02/2022
House
House conferees appointed: Olthoff and Pryor
03/02/2022
House
House dissented from Senate amendments
03/02/2022
House
Motion to dissent filed
03/02/2022
Senate
Returned to the House with amendments
03/01/2022
Senate
Third reading: passed; Roll Call 307: yeas 48, nays 0
02/28/2022
Senate
Second reading: ordered engrossed
02/24/2022
Senate
Senator Becker added as cosponsor
02/22/2022
Senate
Committee report: amend do pass, adopted
02/17/2022
Senate
Senator Randolph added as cosponsor
02/08/2022
Senate
First reading: referred to Committee on Tax and Fiscal Policy
02/01/2022
House
Referred to the Senate
01/31/2022
House
Third reading: passed; Roll Call 147: yeas 92, nays 0
01/31/2022
House
Senate sponsors: Senators Holdman and Niemeyer
01/26/2022
House
Second reading: ordered engrossed
01/24/2022
House
Committee report: amend do pass, adopted
01/20/2022
House
Representative Clere added as coauthor
01/11/2022
House
First reading: referred to Committee on Ways and Means
01/11/2022
House
Authored by Representative Olthoff
01/11/2022
House
Coauthored by Representatives Karickhoff and Davisson J.
Sources
IN Legislature
Open States
Record Created
Jan 12, 2022 9:57:04 AM
Record Updated
Jul 22, 2022 6:05:22 PM