Synopsis
This Amendment limits the deduction for contributions to a Delaware College Investment Plan Account to contributions intended or used for qualified college expenses. The contribution for which a deduction is taken would be eligible for all qualified expenses except for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. The Amendment also provides a means test limiting the deduction to individual or head of household filers with an adjusted gross income of $100,000 or less and to joint, married filing separate combined, or married filing separate with an adjusted gross income of $200,000 or less. This Amendment makes the legislation effective for contribution to 529 and ABLE accounts made after January 1, 2022. This Amendment also corrects a section numbering error in HB 145 and clarifies the references for eligible Delaware College Investment and ABLE plans.