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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 committee.
Minutes Content for Thu, Feb 29, 2024
SB360
Chair Thomas opened hearing on SB360.
Jason Long gave a briefing on the bill.(Attachment1)
Steven Johnson stated that the bill has two policy objectives that are aimed at strengthening the savings programs administered by the State Treasurers office.
The first would codify the Treasurer's Advisory Committee (TAC) for the Kansas Learning Quest 529 program. There is a regular meeting schedule, and the members of the TAC are very active in providing oversight and discussing improvements that can be made for the account owners and beneficiaries who are saving for college or other career-training programs.
The second piece would extend the contribution deadlines for 529 accounts, 529A (ABLE) accounts, and First-Time Home Buyer Savings Accounts to align with tax filing deadlines, instead of the calendar year. The bill as drafted would be retroactive to the 2023 tax year. (Attachment2)
There was written testimony from Meghan Shreve (Attachment 3) and also Stacey Belford (Attachment 4) in favor of the bill.
Chairperson Thomas closed the hearing.
Meeting was adjourned at 1:44 pm.
