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H0068...........................................................by MR. SPEAKER
Requested by: Office of the State Treasurer
COLLEGE SAVINGS PROGRAM - Amends existing law relating to the Idaho College
Savings Program to revise the definitions of "account owner" and "member of
the family."
01/06 House intro - 1st rdg - to printing
Rpt prt - to Rev/Tax
01/16 Rpt out - rec d/p - to 2nd rdg
01/17 2nd rdg - to 3rd rdg
01/20 3rd rdg - PASSED - 67-0-3
AYES -- Andersen, Barraclough, Barrett, Bauer, Bedke, Black, Block, Boe,
Bolz, Bradford, Campbell, Cannon, Clark, Collins, Crow, Cuddy, Denney,
Douglas, Eberle, Edmunson, Ellsworth, Eskridge, Field(18), Field(23),
Gagner, Garrett, Harwood, Henbest, Jaquet, Jones, Kellogg, Kulczyk,
Lake, Langford, Langhorst, Martinez, McGeachin, McKague, Meyer, Miller,
Mitchell, Moyle, Nacarrato, Nielsen, Raybould, Ridinger, Ring, Ringo,
Roberts, Robison, Rydalch, Sali, Sayler, Schaefer(Schumacher), Shepherd,
Shirley, Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson,
Tilman, Trail, Wills, Wood, Mr. Speaker
NAYS -- None
Absent and excused -- Bell, Bieter, Deal
Floor Sponsor - Wood
Title apvd - to Senate
01/21 Senate intro - 1st rdg - to Loc Gov
01/30 Rpt out - rec d/p - to 2nd rdg
01/31 2nd rdg - to 3rd rdg
02/03 3rd rdg - PASSED - 32-0-3
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
Calabretta, Cameron, Compton, Darrington, Davis, Gannon, Geddes, Goedde,
Hill, Ingram, Kennedy, Keough, Little, Lodge, Malepeai, Marley,
McKenzie, McWilliams, Noh, Pearce, Richardson, Schroeder, Stegner,
Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Noble, Sorensen, Stennett
Floor Sponsor - Sweet
Title apvd - to House
02/04 To enrol
02/05 Rpt enrol - Sp signed
02/06 Pres signed
02/07 To Governor
02/10 Governor signed
Session Law Chapter 5
Effective: 07/01/03
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 68 BY MR. SPEAKER Requested by: Office of the State Treasurer 1 AN ACT 2 RELATING TO THE IDAHO COLLEGE SAVINGS PROGRAM BOARD; AMENDING SECTION 33-5401, 3 IDAHO CODE, TO REVISE THE DEFINITIONS OF ACCOUNT OWNER AND MEMBER OF THE 4 FAMILY. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. That Section 33-5401, Idaho Code, be, and the same is hereby 7 amended to read as follows: 8 33-5401. DEFINITIONS. As used in this chapter, the following terms have 9 the following meanings unless the context clearly denotes otherwise: 10 (1) "Account" means an individual trust account or savings account estab- 11 lished as prescribed in this chapter. 12 (2) "Account owner" means the person designatedat the time an account is13openedin the agreement governing the account as having the right to withdraw 14 moneys from the account before the account is disbursed to or for the benefit 15 of the designated beneficiary. 16 (3) "Board" means the state college savings program board created in sec- 17 tion 33-5402, Idaho Code. 18 (4) "Designated beneficiary," except as provided in section 33-5404, 19 Idaho Code, means, with respect to an account, the person designated at the 20 time the account is opened as the person whose higher education expenses are 21 expected to be paid from the account or, if this designated beneficiary is 22 replaced in accordance with section 33-5404, Idaho Code, the replacement bene- 23 ficiary. 24 (5) "Financial institution" means any state bank, national bank, savings 25 bank, savings and loan association, credit union, insurance company, brokerage 26 firm or other similar entity that is authorized to do business in this state. 27 (6) "Higher education institution" means any of the following: 28 (a) An institution described in the higher education act of 1965 (P.L. 29 89-329; 79 Stat. 1219; 20 U.S.C. sections 1001 et seq.); 30 (b) An area vocational educational school as defined in 20 U.S.C. section 31 2471(4); 32 (c) An institution regulated by the state board of education. 33 (7) "Member of the family" shall have the meaning as provided in 26 34 U.S.C. section 529.means any of the following:35(a) A son or daughter of a person or a descendant of the son or daughter36of the person;37(b) A stepson or stepdaughter of a person;38(c) A brother, sister, stepbrother or stepsister of a person. For pur-39poses of this paragraph, "brother" and "sister" include a brother or sis-40ter by the half-blood;41(d) The father or mother of a person or the ancestor of the father or42mother of a person;43(e) A stepfather or stepmother of a person;2 1(f) A son or daughter of a person's brother or sister. For purposes of2this paragraph, "brother" and "sister" include a brother or sister by the3half-blood;4(g) A brother or sister of the person's father or mother. For purposes of5this paragraph, "brother" and "sister" include a brother or sister by the6half-blood;7(h) A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-8in-law or sister-in-law of a person;9(i) The spouse of a person or the spouse of any individual described in10this paragraph;11(j) The first cousin of a person;12(k) Any individual who meets the criteria for family membership described13in this subsection as a result of legal adoption.14 (8) "Nonqualified withdrawal" means an account withdrawal that is not one 15 (1) of the following: 16 (a) A qualified withdrawal; 17 (b) A withdrawal made as the result of the death or disability of the 18 designated beneficiary of an account; 19 (c) A withdrawal that is made on account of a scholarship as defined in 20 26 U.S.C. section 117 or an educational allowance as defined in 26 U.S.C. 21 section 25A(g)(2); 22 (d) A rollover or change of the designated beneficiary. 23 (9) "Program" means the college savings program established under this 24 chapter. 25 (10) "Qualified higher education expenses" shall have the meaning provided 26 in 26 U.S.C. section 529(e)(3). 27 (11) "Qualified withdrawal" means a withdrawal from an account to pay the 28 qualified higher education expenses of the designated beneficiary of the 29 account, but only if the withdrawal is made in accordance with this chapter.
STATEMENT OF PURPOSE
RS 12336
This bill is necessary to bring the Idaho College Savings Program
in compliance with the Federal Economic Growth and Tax Relief
Reconciliation Act of 2001.
FISCAL IMPACT
There is no fiscal impact to the state of Idaho.
CONTACT
Name: Judy Comstock
Agency: Treasurer's Office
Phone: 334-3200
Statement of Purpose/Fiscal Impact H 68