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Committee approves several Revenue & Tax measures including 529-account pathway, acreage change for disabled veterans
Summary
The Senate Revenue & Tax Committee approved multiple bills in a single meeting, including a nonprofit pathway to open 529 accounts for elementary-school students, a restoration of acreage for a disabled-veteran homestead exemption, a clearer threshold for substantial-improvement assessments, an amended data-center bill, and authorization for the Department of Military to use state setoffs for unpaid military fines.
The Senate Revenue & Tax Committee advanced a set of tax- and revenue-related bills during the same meeting and recorded them as passed in committee.
Grow Foundation 529-account pathway (presented as Senate Bill 422): Clark Tucker, state senator, invited Dan Andrews, CEO of Tempest Realty Partners, to describe legislation to allow a nonprofit to initiate 529 college-savings accounts through the state treasurer's office for students in participating elementary schools. Andrews said the program would let schools securely transmit the confidential information the treasurer needs to establish accounts so nonprofits could seed accounts on behalf of every student while preserving parental privacy and providing an opt-out for families. "The treasurer's office has that confidential information for every 529 account that they have," Andrews said. Committee members were told there is no fiscal impact and that the…
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