2003 Legislation
Print Friendly

HOUSE BILL NO. 68 – College savings prog, family member


View Daily Data Tracking History

View Bill Text

View Statement of Purpose / Fiscal Impact

Text to be added within a bill has been marked with Bold and
Underline. Text to be removed has been marked with
Strikethrough and Italic. How these codes are actually displayed will
vary based on the browser software you are using.

This sentence is marked with bold and underline to show added text.

This sentence is marked with strikethrough and italic, indicating
text to be removed.

Daily Data Tracking History

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

Bill Text

  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-seventh Legislature                 First Regular Session - 2003
                              IN THE HOUSE OF REPRESENTATIVES
                                     HOUSE BILL NO. 68
                                       BY MR. SPEAKER
                        Requested by: Office of the State Treasurer
  1                                        AN ACT
  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 designated at the time an account is
 13    opened  in 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 daughter
 36        of the person;
 37        (b)  A stepson or stepdaughter of a person;
 38        (c)  A brother, sister, stepbrother or stepsister of a  person.  For  pur-
 39        poses  of this paragraph, "brother" and "sister" include a brother or sis-
 40        ter by the half-blood;
 41        (d)  The father or mother of a person or the ancestor  of  the  father  or
 42        mother of a person;
 43        (e)  A stepfather or stepmother of a person;
  1        (f)  A  son  or  daughter of a person's brother or sister. For purposes of
  2        this paragraph, "brother" and "sister" include a brother or sister by  the
  3        half-blood;
  4        (g)  A brother or sister of the person's father or mother. For purposes of
  5        this  paragraph, "brother" and "sister" include a brother or sister by the
  6        half-blood;
  7        (h)  A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-
  8        in-law or sister-in-law of a person;
  9        (i)  The spouse of a person or the spouse of any individual  described  in
 10        this paragraph;
 11        (j)  The first cousin of a person;
 12        (k)  Any individual who meets the criteria for family membership described
 13        in 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 / Fiscal Impact

                     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.

Name:        Judy Comstock
Agency:      Treasurer's Office
Phone:       334-3200

Statement of Purpose/Fiscal Impact                       H 68