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House approves changes to Utah higher-education savings program, sends bill to Senate
Summary
The House passed amendments to the Utah Educational Savings Plan to require annual audits by the state auditor and to broaden disbursement flexibility to align state law with IRS Section 529; the bill passed the House 71-0 and was referred to the Senate.
Representative Kevin Garn, sponsor of House Bill 321, told the Utah House that the bill makes technical and operational improvements to the Utah Educational Savings Plan (UESP) and would require annual audits of the UESP Trust.
"What this does, representatives, is it just ensures that the financial statements of the Utah Educational Savings Plan Trust shall be audited annually by the state auditor or the state auditor's designee and report in accordance with generally accepted accounting principles," Garn said when he moved Amendment No. 1 under his name.
Garn said the UESP was initiated in 1996 and gave scale figures…
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