Bill > SB13

This bill increases the individual income tax exemption for deposits into the Louisiana START K12 Program (Student Tuition Assistance and Revenue Trust Kindergarten Through Grade Twelve Program) education savings accounts. Currently, for tax years 2022-2025, account owners can exempt up to $1,200 from state income tax for single filers and $2,400 for joint filers per beneficiary. Starting in tax year 2026, the bill will increase these exemption limits to $2,400 for single filers and $4,800 for joint filers per beneficiary. The bill also maintains a rollover provision that allows account owners to carry forward unused exemption amounts to subsequent years. This means if an account owner deposits less than the maximum allowed amount in a given year, the remaining exemption can be used in future tax years, in addition to that year's standard exemption amount. The changes are designed to provide greater tax benefits for families saving for K-12 educational expenses through these state-sponsored education savings accounts.