Increases the college savings tax credit for contributions to an Indiana529 savings plan.
The bill increases the tax credit for contributions to an Indiana529 savings plan. Beginning in taxable year 2027, the credit rises from $1,500 to $2,500 for individual taxpayers and from $750 to $1,250 for married individuals filing separately. The credit is subject to other requirements, including that it cannot be carried back, carried over, or refunded if unused. The bill also includes provisions for reporting nonqualified withdrawals and repayments. Effective January 1, 2027.
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