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 BackHOUSE OF REPRESENTATIVES
Committee Report
| Legislation: | HB 184 |
| Sponsor: | Stone |
| Long Title: | AN ACT TO AMEND TITLE 10 AND TITLE 14 OF THE DELAWARE CODE RELATING TO THE DELAWARE COLLEGE INVESTMENT PLAN. |
| Committee: | ECONOMIC DEVELOPMENT/BANKING & INSURANCE |
| Number of Committee Members: | 13 |
| Date of Report: | 06/14/2007 |
| Committee Vote: | Favorable: | On Its Merits: | Unfavorable: |
| 10 | 0 | 0 |
Purpose of the Bill : Sections 1 through 7 of the bill implement provisions of federal law that allow a trust to be an account owner of a §529 Plan, an education savings plan for future college costs with special tax benefits. The bill amends the relevant provisions of Chapter 34 of Title 14 to bring Delaware into line with many other states that specifically allow trusts to own §529 Plan Accounts.
Section 8 of the bill continues the creditor protection afforded Delaware trusts that invest in §529 Plan Accounts for the education of trust beneficiaries.
Committee Findings: The committee found no problems with the bill.
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