AB1018,17
13Section
17. 71.98 (11) of the statutes is created to read:
AB1018,9,1614
71.98
(11) Qualified tuition programs. For taxable years beginning after
15December 31, 2020, sections
221 (e) (1) and
529 of the Internal Revenue Code as in
16effect for federal purposes, relating to qualified tuition programs.
AB1018,18
17Section
18. 224.50 (2) (a) of the statutes is amended to read:
AB1018,9,2518
224.50
(2) (a) Except as provided in s. 224.51, establish and administer a
19college savings program that allows an individual, trust, legal guardian, or entity
20described under
26 USC 529 (e) (1) (C) to establish a college savings account to cover
21tuition, fees, and the costs of room and board, books, supplies, and equipment
22required for the enrollment or attendance of a beneficiary at an eligible educational
23institution, as defined under
26 USC 529,
and to cover tuition expenses in connection
24with enrollment or attendance at an elementary or secondary public, private, or
25religious school, as described in section 11032 of P.L.
115-97, related to qualified
1tuition programs under
26 USC 529, to cover the expenses for fees, books, supplies,
2and equipment required for the participation of a beneficiary in an apprenticeship
3program described in 26 USC 529 (c) (8), and to cover the amounts paid as principal
4or interest on a qualified education loan, as defined in 26 USC 221 (d) (1), of the
5beneficiary or a sibling of the beneficiary.
AB1018,19
6Section
19.
Initial applicability.
AB1018,10,197
(1)
Addition to tax for nonqualified withdrawals previously deducted. The
8treatment of s. 71.05 (6) (a) 26. a. that amends the definition of qualified higher
9education expenses to include a cross-reference to
26 USC 529 (c) (7) first applies
10retroactively to taxable years beginning after December 31, 2017. The treatment of
11s. 71.05 (6) (a) 26. a. that amends the definition of qualified higher education
12expenses to include a cross-reference to
26 USC 529 (c) (8) and (9) first applies
13retroactively to taxable years beginning after December 31, 2018. The treatment of
14s. 71.05 (6) (a) 26. a. to require the use of a first in, first out method of accounting and
15to include a cross-reference to s. 71.05 (6) (b) 32m. first applies to taxable years
16beginning on January 1 of the year in which this subsection takes effect, except that
17if this subsection takes effect after July 31, the treatment first applies to taxable
18years beginning on January 1 of the year following the year in which this subsection
19takes effect.
AB1018,11,220
(2)
Definition of qualified higher education expenses. The treatment of s.
2171.05 (6) (b) 32. am. that amends the definition of qualified higher education
22expenses to include a cross-reference to
26 USC 529 (c) (7) first applies retroactively
23to taxable years beginning after December 31, 2017. The treatment of s. 71.05 (6)
24(b) 32. am. that amends the definition of qualified higher education expenses to
1include a cross-reference to
26 USC 529 (c) (8) and (9) and the treatment of s. 224.50
2(2) (a) first apply retroactively to taxable years beginning after December 31, 2018.
AB1018,11,103
(3)
Tax treatment for contributions and withdrawals; employee college
4savings account contribution credit. The treatment of ss. 71.05 (6) (a) 26. b. and
5c. and (b) 32. a., ae., and ap., 71.07 (10) (a) 1. and 3., (b), and (c) 2. and 3., 71.28 (10)
6(c) 2. and 3., and 71.47 (10) (c) 2. and 3. first applies to taxable years beginning on
7January 1 of the year in which this subsection takes effect, except that if this
8subsection takes effect after July 31, the treatment first applies to taxable years
9beginning on January 1 of the year following the year in which this subsection takes
10effect.