1
2
3
4
5 _______________________________ _______________________________
6 Councilmember Zachary Parker Councilmember Vincent C. Gray
7
8
9
10
11 _______________________________ _______________________________
12 Councilmember Matthew Frumin Councilmember Brianne K. Nadeau
13
14
15 A BILL
16
17 ______
18
19
20 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
21
22 ____________
23
24
25 To amend Chapter 45 of Title 47 of the District of Columbia Official Code to increase the
26 affordability of education by increasing the amount of tax deductions for college
27 education, to create an option to voluntarily remit automatic paycheck deductions to a
28 college savings account, and to ensure access to college savings plans for disabled
29 residents.
30
31 BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
32 act may be cited as the “College Savings Plan Amendment Act of 2024”.
33 Sec. 2. Chapter 45 of Title 47 of the District of Columbia Official Code is amended as
34 follows:
35 (a) Section 47-4509(a) is amended to read as follows:
36 “(a) An account owner who files an income tax return in the District of Columbia may
37 claim a deduction in an amount not to exceed $500,000 in contributions per account under the
38 Program, over the course of the account owner’s lifetime; and an annual amount not to exceed
1
39 $30,000 for contributions made to all accounts under the Program. With respect to married
40 individuals (or domestic partners registered under § 32-702) filing a joint return, each married
41 individual (or domestic partner registered under § 32-702) may claim a deduction in an amount
42 not to exceed $500,000 in contributions per account under the Program for which the married
43 individual (or domestic partner registered under § 32-702) is the account owner, over the course
44 of the account owner’s lifetime; and an annual amount not to exceed $30,000 for contributions
45 made to all accounts under the Program for which the married individual (or domestic partner
46 registered under § 32-702) is the account owner.”.
47 (b) Section 47-4509(b) is repealed.
48 (c) Section 47-4511 is amended to read as follows:
49 Ҥ 47-4511. Payroll deductions.
50 “(a) The District of Columbia and its agencies may agree, by contract or otherwise, to
51 remit payments on behalf of an employee to an account through payroll deductions.”
52 “(b) A private employer in the District shall provide its District employees with an option
53 to automatically deduct a portion of their pay, not to exceed 10%, to be remitted to a college
54 savings account or Program account provided under this chapter.”.
55 (d) New sections 47-4513 and 47-4514 are added to read as follows:
56 Ҥ 47-4513. Disabled residents also deserve the right to save.
57 “College savings accounts and Program assets may not be considered in determining an
58 individual’s financial eligibility for medical, long-term care, and disability benefits; provided,
59 that the amount remains under the maximum lifetime value of the account under § 47-4509(a).
60 Ҥ 47-4514. Rules.
61 “The Mayor shall, pursuant to the District of Columbia Administrative Procedure Act,
2
62 approved October 21, 1968 (82 Stat. 1204; D.C. Official Code § 2-501 et seq.), issue rules to
63 implement the provisions of this chapter.”.
64 Sec. 3. Fiscal impact statement.
65 The Council adopts the fiscal impact statement in the committee report as the fiscal
66 impact statement required by section 4a of the General Legislative Procedures Act of 1975,
67 approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
68 Sec. 4. Effective date.
69 This act shall take effect after approval by the Mayor (or in the event of a veto by the
70 Mayor, override of the veto by the Council, a 30-day period of congressional review as provided
71 in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973
72 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia
73 Register.
3