130FE81A85F0BA3D872584F700643EB7 Hearing Summary

The committee recessed.

The committee came back to order.  Senator Story, sponsor, presented Senate Bill 20-073, which concerns amendments to the state income tax deduction for contributions to a qualified 529 account to ensure that the state income tax deduction is not aligned with the changes in the federal "Tax Cuts and Jobs Act" of 2017 that allows tax-free distributions for elementary and secondary school expenses.  A handout from Taypayers for Public Education was distributed to the committee (Attachment B).  Senator Story distributed amendment L.002 (Attachment C) and a memorandum from Legislative Council Staff about the changes made by the amendment to the bill's fiscal impact (Attachment D).

Greg Sobetski, Legislative Council Staff, came to the table to speak about the amendment and memorandum (Attachments C and D). Senator Story answered questions from the committee.

The following people testified on the bill:

Carl Larson, representing the National Association of Insurance and Financial Advisors, testified in support of the bill if amended.  Mr. Larson answered questions from the committee.

Angela Baier, Executive Director of CollegeInvest, came to the table to answer questions from the committee.