SENATE BILL NO. 258
INTRODUCED BY J. BOHLINGER
AN ACT GENERALLY REVISING THE LAWS GOVERNING FAMILY EDUCATION SAVINGS ACCOUNTS; EXCLUDING FROM INCOME THOSE EARNINGS ON ACCOUNTS THAT ARE WITHDRAWN FOR QUALIFIED EXPENSES; IMPOSING A TAX ON CERTAIN WITHDRAWALS FROM ACCOUNTS INSTEAD OF RECAPTURING THE WITHDRAWALS AS INCOME; REQUIRING THAT ACCOUNTS BE OPEN FOR 3 YEARS TO QUALIFY FOR THE BENEFIT OF DEDUCTION OF THE CONTRIBUTION; CLARIFYING ACCESS TO CERTAIN RECORDS CONCERNING ACCOUNTS; REVISING DEFINITIONS TO CONFORM TO FEDERAL LAW; CLARIFYING THE INCOME TAX DEDUCTION FOR CONTRIBUTIONS TO AN ACCOUNT; AUTHORIZING THE USE OF MULTIPLE FINANCIAL INSTITUTIONS OR MULTIPLE INVESTMENT INSTRUMENTS; AMENDING SECTIONS 15-30-111, 15-62-103, 15-62-201, AND 15-62-603, MCA; REPEALING SECTION 15-62-204, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND A RETROACTIVE APPLICABILITY DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Deductions for contributions. An individual who contributes to an account in a tax year is entitled to reduce the individual's adjusted gross income, in accordance with 15-30-111(8), by the amount of the contribution, but not more than $3,000. The contribution must be made to an account owned by the contributor, the contributor's spouse, the contributor's child, or the contributor's stepchild if the stepchild is a Montana resident.
Section 2. Tax on certain withdrawals of deductible contributions. (1) There is a recapture tax at a rate equal to the highest rate of tax provided in 15-30-103 on the recapturable withdrawal of amounts that reduced adjusted gross income under 15-30-111(8).
(2) For purposes of determining the portion of a recapturable withdrawal that reduced adjusted gross income, all withdrawals must be allocated between income and contributions in accordance with the principles applicable under section 529(c)(3)(A) of the Internal Revenue Code of 1986, 26 U.S.C. 529(c)(3)(A). The portion of a recapturable withdrawal that is allocated to contributions must be treated as derived first from contributions, if any, that did not reduce adjusted gross income, to the extent of those contributions, and then to contributions that reduced adjusted gross income. The portion of any other withdrawal that is allocated to contributions must be treated as first derived from contributions that reduced adjusted gross income, to the extent of the contributions, and then to contributions that did not reduce adjusted gross income.
(3) (a) The recapture tax imposed by this section is payable by the owner of the account from which the withdrawal or contribution was made. The tax liability must be reported on the income tax return of the account owner and is payable with the income tax payment for the year of the withdrawal or at the time that an income tax payment would be due for the year of the withdrawal. The account owner is liable for the tax even if the account owner is not a Montana resident at the time of the withdrawal.
(b) The department may require withholding on recapturable withdrawals from an account that was at one time owned by a Montana resident if the account owner is not a Montana resident at the time of the withdrawal. For the purposes of this subsection (3)(b), amounts rolled over from an account that was at one time owned by a Montana resident must be treated as if the account is owned by a resident of Montana.
(4) For the purposes of this section, all contributions made to accounts by residents of Montana are presumed to have reduced the contributor's adjusted gross income unless the contributor can demonstrate that all or a portion of the contributions did not reduce adjusted gross income. Contributors who claim deductions for contributions shall report on their Montana income tax returns the amount of deductible contributions made to accounts for each designated beneficiary and the social security number of each designated beneficiary.
(5) As used in this section, "recapturable withdrawal" means a withdrawal or distribution that is a nonqualified withdrawal or a withdrawal or distribution from an account that was opened after the later of:
(a) [the effective date of this act]; or
(b) the date that is 3 years prior to the date of the withdrawal or distribution.
(6) The department shall use all means available for the administration and enforcement of income tax laws in the administration and enforcement of this section.
Section 3. Access to records. Information that identifies the contributor, account owner, or designated beneficiary of a family education savings account is exempt from the provisions of 2-6-102 and 2-6-104 and any other provision of law permitting the public inspection or copying of documents. The provisions of this section may not prevent the release of information about a specific designated beneficiary to a higher education institution at which the designated beneficiary is enrolled or to which the designated beneficiary has applied for admission.
Section 4. Section 15-30-111, MCA, is amended to read:
"15-30-111. Adjusted gross income. (1) Adjusted gross income is the taxpayer's federal income tax adjusted gross income as defined in section 62 of the Internal Revenue Code of 1954, 26 U.S.C. 62, as that section may be labeled or amended, and in addition includes the following:
(a) (i) interest received on obligations of another state or territory or county, municipality, district, or other political subdivision of another state, except to the extent that the interest is exempt from taxation by Montana under federal law;
(ii) exempt-interest dividends as defined in section 852(b)(5) of the Internal Revenue Code of 1986, 26 U.S.C. 852(b)(5), as that section may be amended or renumbered, that are attributable to the interest referred to in subsection (1)(a)(i);
(b) refunds received of federal income tax, to the extent that the deduction of the tax resulted in a reduction of Montana income tax liability;
(c) that portion of a shareholder's income under subchapter S. of Chapter 1 of the Internal Revenue Code of 1954 that has been reduced by any federal taxes paid by the subchapter S. corporation on the income;
(d) depreciation or amortization taken on a title plant as defined in 33-25-105(15);
(e) the recovery during the tax year of an amount deducted in any prior tax year to the extent that the amount recovered reduced the taxpayer's Montana income tax in the year deducted; and
(f) if the state taxable distribution of an estate or trust is greater than the federal taxable distribution of the same estate or trust, the difference between the state taxable distribution and the federal taxable distribution of the same estate or trust for the same tax period.
(2) Notwithstanding the provisions of the federal Internal Revenue Code of 1954, as labeled or amended, adjusted gross income does not include the following, which are exempt from taxation under this chapter:
(a) (i) all interest income from obligations of the United States government, the state of Montana, a county, municipality, or district, or other political subdivision of the state and any other interest income that is exempt from taxation by Montana under federal law;
(ii) exempt-interest dividends as defined in section 852(b)(5) of the Internal Revenue Code of 1986, 26 U.S.C. 852(b)(5), as that section may be amended or renumbered, that are attributable to the interest referred to in subsection (2)(a)(i);
(b) interest income earned by a taxpayer who is 65 years of age or older in a tax year up to and including $800 for a taxpayer filing a separate return and $1,600 for each joint return;
(c) (i) except as provided in subsection (2)(c)(ii), the first $3,600 of all pension and annuity income received as defined in 15-30-101;
(ii) for pension and annuity income described under subsection (2)(c)(i), as follows:
(A) each taxpayer filing singly, head of household, or married filing separately shall reduce the total amount of the exclusion provided in subsection (2)(c)(i) by $2 for every $1 of federal adjusted gross income in excess of $30,000 as shown on the taxpayer's return;
(B) in the case of married taxpayers filing jointly, if both taxpayers are receiving pension or annuity income or if only one taxpayer is receiving pension or annuity income, the exclusion claimed as provided in subsection (2)(c)(i) must be reduced by $2 for every $1 of federal adjusted gross income in excess of $30,000 as shown on their joint return;
(d) all Montana income tax refunds or tax refund credits;
(e) gain required to be recognized by a liquidating corporation under 15-31-113(1)(a)(ii);
(f) all tips or gratuities that are covered by section 3402(k) or service charges that are covered by section 3401 of the Internal Revenue Code of 1954, 26 U.S.C. 3402(k) or 3401, as amended and applicable on January 1, 1983, received by persons for services rendered by them to patrons of premises licensed to provide food, beverage, or lodging;
(g) all benefits received under the workers' compensation laws;
(h) all health insurance premiums paid by an employer for an employee if attributed as income to the employee under federal law;
(i) all money received because of a settlement agreement or judgment in a lawsuit brought against a manufacturer or distributor of "agent orange" for damages resulting from exposure to "agent orange";
(j) principal and income in a medical care savings account established in accordance with 15-61-201 or withdrawn from an account for eligible medical expenses, as defined in 15-61-102, of the taxpayer or a dependent of the taxpayer or for the long-term care of the taxpayer or a dependent of the taxpayer;
(k) principal and income in a first-time home buyer savings account established in accordance with 15-63-201 or withdrawn from an account for eligible costs, as provided in 15-63-202(7), for the first-time purchase of a single-family residence;
(l) money, not exceeding $3,000 for each taxpayer, contributed to a family
education savings program account established in accordance with 15-62-201;
(m) principal contributions withdrawn from an a family education savings
account or earnings withdrawn from a family education savings account for
qualified higher education expenses, as defined in 15-62-103, for of a
designated beneficiary of the taxpayer;
(n)(m) the recovery during the tax year of any amount deducted in any
prior tax year to the extent that the recovered amount did not reduce the
taxpayer's Montana income tax in the year deducted;
(o)(n) if the federal taxable distribution of an estate or trust is greater than
the state taxable distribution of the same estate or trust, the difference
between the federal taxable distribution and the state taxable distribution of
the same estate or trust for the same tax period; and
(p)(o) income of a dependent child that is included in the taxpayer's
federal adjusted gross income pursuant to the Internal Revenue Code. The
child is required to file a Montana personal income tax return if the child and
taxpayer meet the filing requirements in 15-30-142.
(3) A shareholder of a DISC that is exempt from the corporation license tax under 15-31-102(1)(l) shall include in the shareholder's adjusted gross income the earnings and profits of the DISC in the same manner as provided by section 995 of the Internal Revenue Code, 26 U.S.C. 995, for all periods for which the DISC election is effective.
(4) A taxpayer who, in determining federal adjusted gross income, has reduced the taxpayer's business deductions by an amount for wages and salaries for which a federal tax credit was elected under sections 38 and 51(a) of the Internal Revenue Code of 1954, as those sections may be labeled or amended, is allowed to deduct the amount of the wages and salaries paid regardless of the credit taken. The deduction must be made in the year that the wages and salaries were used to compute the credit. In the case of a partnership or small business corporation, the deduction must be made to determine the amount of income or loss of the partnership or small business corporation.
(5) Married taxpayers filing a joint federal return who are required to include part of their social security benefits or part of their tier 1 railroad retirement benefits in federal adjusted gross income may split the federal base used in calculation of federal taxable social security benefits or federal taxable tier 1 railroad retirement benefits when they file separate Montana income tax returns. The federal base must be split equally on the Montana return.
(6) A taxpayer receiving retirement disability benefits who has not
attained age 65 years of age by the end of the tax year and who has retired as
permanently and totally disabled may exclude from adjusted gross income up
to $100 a week received as wages or payments in lieu of wages for a period
during which the employee is absent from work due to the disability. If the
adjusted gross income before this exclusion and before application of the
two-earner married couple deduction exceeds $15,000, the excess reduces the
exclusion by an equal amount. This limitation affects the amount of
exclusion, but not the taxpayer's eligibility for the exclusion. If eligible,
married individuals shall apply the exclusion separately, but the limitation for
income exceeding $15,000 is determined with respect to the spouses on their
combined adjusted gross income. For the purpose of this subsection,
"permanently and totally disabled" means unable to engage in any substantial
gainful activity by reason of any medically determined physical or mental
impairment lasting or expected to last at least 12 months.
(7) Married taxpayers who file a joint federal return and who make an election on the federal return to defer income ratably for 4 tax years because of a conversion from an IRA other than a Roth IRA to a Roth IRA, pursuant to section 408A(d)(3) of the Internal Revenue Code, 26 U.S.C. 408A(d)(3), may file separate Montana income tax returns to defer the full taxable conversion amount from Montana adjusted gross income for the same time period. The deferred amount must be attributed to the taxpayer making the conversion.
(8) An individual who contributes to one or more accounts established under the Montana family education savings program may reduce adjusted gross income by the lesser of $3,000 or the amount of the contribution. In the case of married taxpayers, each spouse is entitled to a reduction, not in excess of $3,000, for the spouses' contributions to the accounts. Spouses may jointly elect to treat half of the total contributions made by the spouses as being made by each spouse. The reduction in adjusted gross income under this subsection applies only with respect to contributions to an account of which the account owner, as defined in 15-62-103, is the taxpayer, the taxpayer's spouse, or taxpayer's child or stepchild if the taxpayer's child or stepchild is a Montana resident. The provisions of subsection (1)(e) of this section do not apply with respect to withdrawals of contributions that reduced adjusted gross income. (Subsection (2)(f) terminates on occurrence of contingency--sec. 3, Ch. 634, L. 1983.)"
Section 5. Section 15-62-103, MCA, is amended to read:
"15-62-103. Definitions. As used in this chapter, the following definitions apply:
(1) "Account" means an individual trust account or savings account established under this chapter.
(2) "Account owner" means the person designated at the time that an account is opened as having the right to withdraw money from the account before the account is disbursed to or for the benefit of the designated beneficiary.
(3) "Board" means the board of regents of higher education established by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505.
(4) "Committee" means the family education savings program oversight committee established in 20-25-901.
(5) "Designated beneficiary" means, with respect to an account, the person designated at the time that the account is opened as the person whose higher education expenses are expected to be paid from the account or if this person is replaced in accordance with 15-62-202, the individual replacing the former designated beneficiary.
(6) "Financial institution" means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, trust company, mutual fund, or other similar entity that is authorized to do business in this state.
(7) "Higher education institution" means:
(a) an eligible educational institution described in the Higher Education
Act of 1965, 20 U.S.C. 1141(a) and 1088(a); or
(b) an area vocational educational school, as defined in section 521(3) of
the Carl D. Perkins Vocational Education Act, 20 U.S.C. 2471(3)(C) and
(3)(D), that is located in this state as defined in section 529(e)(5) of the
Internal Revenue Code, 26 U.S.C. 529(e)(5).
(8) "Member of the family" means:
(a) an ancestor of a person;
(b) the spouse of a person;
(c) a lineal descendant, including a legally adopted child, of a person, of a
person's spouse, or of a parent of a person; or
(d) the spouse of any lineal descendant described in subsection (8)(c),
with respect to a designated beneficiary, a member of the family of the
designated beneficiary as defined in section 529(e)(2) of the Internal Revenue
Code, 26 U.S.C. 529(e)(2).
(9) "Nonqualified withdrawal" means a withdrawal from an account that is not:
(a) a qualified withdrawal;
(b) a withdrawal made as the result of the death or disability of the designated beneficiary of an account;
(c) a withdrawal that is made on the account of a scholarship or the allowance or payment described in section 135(d)(1)(B) or (d)(1)(C) of the Internal Revenue Code, 26 U.S.C. 135(d)(1)(B) or (d)(1)(C), and that is received by the designated beneficiary; or
(d) a rollover or change of designated beneficiary described in 15-62-202.
(10) "Program" means the family education savings program established pursuant to 15-62-201. The program must be structured to permit the long-term accumulation of savings that can be used to finance all or a share of the costs of higher education.
(11) "Qualified higher education expenses" means tuition and fees required
for enrollment or attendance of a designated beneficiary at a higher education
institution qualified higher education expenses, as defined in section
529(e)(3) of the Internal Revenue Code, 26 U.S.C. 529(e)(3).
(12) "Qualified withdrawal" means a withdrawal from an account to pay the qualified higher education expenses of the designated beneficiary of the account."
Section 6. Section 15-62-201, MCA, is amended to read:
"15-62-201. Program requirements -- application -- establishment of account -- qualified and nonqualified withdrawal -- penalties. (1) A person who wishes to deposit money into an account to pay the qualified higher education expenses of a designated beneficiary shall:
(a) complete an application on the form prescribed by the board that includes:
(i) the name, address, and social security number or employer identification number of the contributor;
(ii) the name, address, and social security number of the account owner if the account owner is not the contributor;
(iii) the name, address, and social security number of the designated beneficiary;
(iv) the certification relating to no excess contributions adopted by the board pursuant to 20-25-902; and
(v) any other information required by the board;
(b) pay the one-time application fee established by the board;
(c) make the minimum contribution required by the board or by opening an account; and
(d) designate the type of account to be opened if more than one type of account is offered.
(2) A person shall make contributions to an opened account in cash.
(3) An account owner may withdraw all or part of the balance from an account under rules prescribed by the board to enable the board or program manager to determine if a withdrawal is a nonqualified withdrawal or a qualified withdrawal. The rules may require that:
(a) account owners seeking to make a qualified withdrawal or other withdrawal that is not a nonqualified withdrawal shall provide certifications, copies of bills for qualified higher education expenses, or other supporting material;
(b) qualified withdrawals from an account be made only by a check payable jointly to the designated beneficiary and a higher education institution; and
(c) withdrawals not meeting certain requirements be treated as nonqualified withdrawals by the program manager, and if these withdrawals are not nonqualified withdrawals, the account owner shall seek refunds of penalties directly from the board.
(4) If a nonqualified withdrawal is made from an account, an amount
equal to 10% of the portion of the proposed withdrawal that would constitute
income as determined in accordance with section 529 of the Internal Revenue
Code, 26 U.S.C. 529, must be withheld as a penalty and paid to the board for
use in operating and marketing the program and for state student financial aid.
A nonqualified withdrawal constitutes income for Montana purposes to the
extent it was previously deducted from income in calculating Montana
individual income taxes.
(5) The board, by rule, shall increase the percentage of the penalty prescribed in subsection (4) or change the basis of this penalty if the board determines that the amount of the penalty must be increased to constitute a minimum penalty for purposes of qualifying the program as a qualified state tuition program under section 529 of the Internal Revenue Code, 26 U.S.C. 529.
(6) The board may decrease the percentage of the penalty prescribed in subsection (4) if:
(a) the penalty is greater than is required to constitute a minimum penalty for purposes of qualifying the program as a qualified state tuition program under section 529 of the Internal Revenue Code, 26 U.S.C. 529; or
(b) the penalty, when combined with other revenue generated under this chapter, is producing more revenue than is required to cover the costs of operating and marketing the program and to recover any costs not previously recovered.
(7) If an account owner makes a nonqualified withdrawal and a penalty amount is not withheld pursuant to subsection (4) or the amount withheld was less than the amount required to be withheld under that subsection for nonqualified withdrawals, the account owner shall pay:
(a) the unpaid portion of the penalty to the board at the same time that the account owner files a federal and state income tax return for the taxable year of the withdrawal; or
(b) if the account owner does not file a return, the unpaid portion of the penalty on the due date for federal and state income tax returns, including any authorized extensions.
(8) Each account must be maintained separately from each other account under the program.
(9) Separate records and accounting must be maintained for each account for each designated beneficiary.
(10) A contributor to, account owner of, or designated beneficiary of an account may not direct the investment of any contributions to any account or the earnings generated by the account and may not pledge the interest of an account or use an interest in an account as security for a loan.
(11) If the board terminates the authority of a financial institution to hold accounts and accounts must be moved from that financial institution to another financial institution, the board shall select the financial institution and type of investment to which the balance of the account is moved unless the internal revenue service provides guidance stating that allowing the account owner to select among several financial institutions that are then contractors would not cause a plan to cease to be a qualified state tuition plan.
(12) If there is any distribution from an account to any person or for the benefit of any person during a calendar year, the distribution must be reported to the internal revenue service and the account owner or the designated beneficiary to the extent required by federal law.
(13) The financial institution shall provide statements to each account owner at least once each year within 31 days after the 12-month period to which they relate. The statement must identify the contributions made during a preceding 12-month period, the total contributions made through the end of the period, the value of the account as of the end of this period, distributions made during this period, and any other matters that the board requires be reported to the account owner.
(14) Statements and information returns relating to accounts must be prepared and filed to the extent required by federal or state tax law or by administrative rule.
(15) A state or local government or organizations described in section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. 501(c)(3), may, without designating a designated beneficiary, open and become the account owner of an account to fund scholarships for persons whose identity will be determined after an account is opened."
Section 7. Section 15-62-203, MCA, is amended to read:
"15-62-203. Selection of financial institution as account depository and manager -- contract -- termination. (1) The board shall implement the program through the use of one or more financial institutions to act as the depository and manager. Under the program, a person may establish accounts at the depository.
(2) The committee shall solicit proposals from financial institutions to act as the depositories and managers of the program. Financial institutions that submit proposals shall describe the financial instruments that will be held in accounts.
(3) On the recommendation of the committee, the board shall select as program depositories and managers the financial institution or institutions from among bidding financial institutions that demonstrate the most advantageous combination, both to potential program participants and to this state, of:
(a) financial stability and integrity;
(b) the safety of the investment instruments being offered, taking into account any insurance provided with respect to these instruments;
(c) the ability of the investment instruments to track estimated costs of higher education as calculated by the board and provided by the financial institution to the account holder;
(d) the ability of the financial institutions, directly or through a subcontract, to satisfy recordkeeping and reporting requirements;
(e) the financial institution's plan for promoting the program and the investment that it is willing to make to promote the program;
(f) the fees, if any, proposed to be charged to persons for maintaining accounts;
(g) the minimum initial deposit and minimum contributions that the financial institution will require and the willingness of the financial institution or its subcontractors to accept contributions through payroll deduction plans and other deposit plans; and
(h) any other benefits to this state or its residents contained in the proposal, including an account opening fee payable to the board by the account owner to cover expenses of operation of the program and any additional fee offered by the financial institution for statewide program marketing by the board.
(4) The board shall enter into a contract with a financial institution or, except as provided in subsection (5), into contracts with financial institutions to serve as depositories and program managers.
(5) The committee may select more than one financial institution and
investment for the program if:
(a) the internal revenue service has provided guidance that giving a
contributor a choice of two or more investment instruments under a state plan
will not cause the plan to fail to qualify for favorable tax treatment under
section 529 of the Internal Revenue Code, 26 U.S.C. 529; and
(b) the committee concludes that the choice of instrument vehicles is in
the best interest of program participants and will not interfere with the
promotion of the program. to serve as depository and program manager. The
committee may select more than one kind of investment instrument to be
offered through the program. Any decision on the use of multiple financial
institutions or multiple investment instruments must take into account:
(a) the requirements for qualifying as a qualified state tuition program under section 529 of the Internal Revenue Code (26 U.S.C. 529);
(b) differing needs of contributors regarding risk and potential return of investment instruments; and
(c) administrative costs and burdens that may be imposed as the result of the decision.
(6) A program manager or its subcontractor shall:
(a) take action required to keep the program in compliance with its contract or the requirements of this chapter to manage the program so that it is treated as a qualified state tuition plan under section 529 of the Internal Revenue Code, 26 U.S.C. 529;
(b) keep adequate records of each account, keep each account segregated from each other account, and provide the board with the information necessary to prepare statements required by 15-62-201(12) through (14) or file these statements on behalf of the board;
(c) compile and total information contained in statements required to be prepared under 15-62-201(12) through (14) and provide these compilations to the board;
(d) if there is more than one program manager, provide the board with the information to assist the board in determining compliance with rules adopted by the board pursuant to 20-25-902;
(e) provide representatives of the board, including other contractors or other state agencies, access to the books and records of the program manager to the extent needed to determine compliance with the contract. At least once during the term of any contract, the board, its contractor, or the state agency responsible for examination oversight of the program manager shall conduct an examination to the extent needed to determine compliance with the contract.
(f) hold all accounts in trust for the benefit of this state and the account owner.
(7) A person may not circulate any description of the program, whether in writing or through the use of any media, unless the board or its designee first approves the description.
(8) A contract executed between the board and a financial institution pursuant to this section must be for a term of at least 3 years and not more than 7 years.
(9) If a contract executed between the board and a financial institution pursuant to this section is not renewed, at the end of the term of the nonrenewed contract:
(a) accounts previously established and held in investment instruments at the financial institution may not be terminated;
(b) additional contributions may be made to the accounts in existence at the time of nonrenewal of a contract; and
(c) new accounts may not be placed with that financial institution unless a new contract is executed.
(10) The board may terminate a contract with a financial institution at any time for good cause on the recommendation of the committee. If a contract is terminated pursuant to this subsection, the board shall take custody of accounts held at that financial institution and shall seek to promptly transfer the accounts to another financial institution that is selected as a program manager and into investment instruments as similar as possible to the original investments."
Section 8. Repealer. Section 15-62-204, MCA, is repealed.
Section 9. Codification instruction. [Sections 1 through 3] are intended to be codified as an integral part of Title 15, chapter 62, part 2, and the provisions of Title 15, chapter 62, part 2, apply to [sections 1 through 3].
Section 10. Effective date. [This act] is effective on passage and approval.
Section 11. Retroactive applicability. [This act] applies retroactively, within the meaning of 1-2-109, to tax years beginning after December 31, 2000.
- END -
Latest Version of SB 258 (SB0258.ENR)
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