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Minutes for SB360 - Committee on Education
Short Title
Allowing a taxpayer to elect the taxable year in which a subtraction modification for contributions to a 529 program account, ABLE account or first-time home buyer savings account would be applied and authorizing the state treasurer to appoint a 529 program advisory council.
Minutes Content for Wed, Jan 31, 2024
Chair Baumgardner thanked everyone for joining the Committee today and asked the Superintendents and Board of Education Members in the audience to come to the microphone and introduce themselves. Included were the Superintendent, Board Members, Special Education Director and School Psychologists from Valley Center USD 262, a former School Social Worker from Manhattan USD 383 and the Executive Director of Goddard Public Schools USD 265. A round of applause followed.
The Chair opened the hearing and Staff gave an overview of the bill. (Attachment 1)
Steven Johnson, Kansas State Treasurer, told the Committee his department has focused on the education savings accounts and how those work best for account owners and thought it best to look at all savings accounts including First-Time Home Buyer Savings accounts and qualified ABLE program accounts. Kansas statute says the education plan contribution has to be made by December 31. This bill would extend that window to the tax filing deadline. One of the things consistently provided in feedback is the desire to see some consistency and how portfolios are overseen. Also adding to the statute is a Treasurer's Advisory Committee to help the Treasurer guide the portfolio decisions and to look at the expenses. (Attachment 2)
Meghan Shreve, Director of Education & Communications, Interhab, said the ABLE Saving Program allows Kansans living with a disability an opportunity to save for their future without losing their eligibility for certain assistance programs like SSI and Medicaid. Senate Bill 360 would allow the choice to elect the taxable year in which a subtraction modification for contributions to an ABLE account is taken. (Attachment 3)
Senator Kellie Warren, District 11, believes as a senator, she should strive for a level playing field by removing unnecessary barriers to potential success by establishing guidelines that maximize the ability for programs like the ABLE Act to succeed and that's what this bill does. This bill also amends the deadline for first-time home buyer savings account. (Attachment 4)
Proponent Written Only testimony submitted by:
Sara Hart Weir, Executive Director, Kansas Council on Developmental Disabilities (Attachment 5)
Marlee Carpenter, Kansas Society of CPA's (Attachment 6)
Discussion followed.
