This bill amends various sections of the Nebraska Revised Statutes to expand the Nebraska educational savings plan trust, now including savings plans for elementary and secondary education. It introduces new definitions, harmonizes existing laws, and specifies that certain assets and income, such as those from educational savings accounts and scholarships, will not be considered when determining eligibility for state assistance programs. The bill also clarifies the roles of the State Treasurer and the Nebraska Investment Council in managing the trust, while establishing new programs like the Employer Matching Contribution Incentive Program and the College Savings Plan Low-Income Matching Scholarship Program to enhance accessibility for Nebraska residents.

Additionally, the bill modifies tax regulations related to the educational savings plan trust, allowing deductions from federal adjusted gross income for contributions made to the trust and income received from it. It broadens the definition of "qualified education expenses" to include costs such as room and board for half-time students and special needs services. The bill also sets a cap of $10,000 per beneficiary per taxable year for tuition expenses related to elementary or secondary education and establishes the Meadowlark Program to support access to postsecondary education. Overall, these amendments aim to improve the effectiveness and accessibility of educational savings plans for Nebraska families.

Statutes affected:
Introduced: 68-1201, 72-1239.01, 77-2716, 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, 85-2804