Senate Bill No. by Senator Foil proposes an amendment to the Louisiana Student Tuition Assistance and Revenue Trust Kindergarten Through Grade Twelve (START K12) Program, specifically increasing the individual income tax exemption for deposits into education savings accounts. The bill amends R.S. 17:3100.5(A)(1)(b) to raise the maximum exemption for single filers from $1,200 to $2,400 and for joint filers from $2,400 to $4,800 per beneficiary, effective for tax years beginning on or after January 1, 2026. Additionally, it maintains the provision that allows any unused portion of the maximum annual deposit to roll over to subsequent years, remaining exempt from state taxable income.

The bill's provisions will apply to taxable periods starting on or after January 1, 2026, and it is set to take effect on August 1, 2025. This change aims to enhance the financial benefits of the START K12 Program, encouraging more families to save for educational expenses associated with enrolling in grades K-12.

Statutes affected:
SB13 Original: 17:5(A)(1)