Bill
Bill > LB131
NE LB131
Include elementary and secondary schools in the Nebraska educational savings plan trust and change tax benefits
summary
Introduced
01/13/2025
01/13/2025
In Committee
01/15/2025
01/15/2025
Crossed Over
Passed
Dead
Introduced Session
109th Legislature
Bill Summary
A BILL FOR AN ACT relating to the Nebraska educational savings plan trust; to amend sections 85-1801, 85-1802, 85-1804, 85-1805, 85-1806, 85-1807, 85-1808, 85-1809, 85-1810, 85-1811, 85-1812, 85-1813, 85-1814, 85-1815, 85-1816, 85-1817, 85-2802, 85-2803, and 85-2804, Reissue Revised Statutes of Nebraska, and sections 68-1201, 72-1239.01, 77-3,110, and 77-2716, Revised Statutes Cumulative Supplement, 2024; to include savings plans for elementary and secondary education in the Nebraska educational savings plan trust; to define and redefine terms; to transfer provisions; to harmonize provisions; to provide an operative date; and to repeal the original sections.
AI Summary
This bill expands the Nebraska educational savings plan trust to include savings for elementary and secondary education, in addition to its existing focus on postsecondary education. The bill modifies multiple sections of state law to broaden the definition of qualified education expenses to include tuition for kindergarten through 12th grade, with a limit of $10,000 per beneficiary per year. It allows participants to use funds from the educational savings plan trust to pay for elementary and secondary school tuition, while maintaining the existing provisions for postsecondary education expenses. The bill also updates various references throughout the statutes to reflect this expanded scope, changing terminology from "higher education" to more inclusive language like "elementary, secondary, and postsecondary education." Additionally, the bill makes technical corrections to references, funds, and administrative provisions related to the educational savings plan trust. The changes will become operative on January 1, 2026, giving state agencies and participants time to prepare for the expanded use of the educational savings plan trust.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Revenue Hearing (13:30:00 2/27/2025 Room 1524) (on 02/27/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59361 |
| Fiscal Note for LB131 | https://nebraskalegislature.gov/FloorDocs/109/PDF/FN/LB131_20250226-115018.pdf |
| Analysis - Statement of Intent | https://nebraskalegislature.gov/FloorDocs/109/PDF/SI/LB131.pdf |
| BillText | https://nebraskalegislature.gov/FloorDocs/109/PDF/Intro/LB131.pdf |
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