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, such as "qualified higher education expenses," and specifies that assets in educational savings accounts will not be counted as income or assets for state assistance eligibility. The bill also modifies the responsibilities of the council overseeing the trust, ensuring fiduciary duties are upheld, and updates tax provisions to allow deductions for contributions to the educational savings plan trust. Additionally, it repeals original sections that are replaced by these new provisions, streamlining the legal framework.

Furthermore, the bill establishes new programs, including the Employer Matching Contribution Incentive Program and the College Savings Plan Low-Income Matching Scholarship Program, both aimed at enhancing access to educational savings for Nebraska residents. It introduces the Meadowlark Program to support postsecondary educational opportunities, with matching contributions from the state based on household income. Key amendments include changing references from "College" to "Education" and replacing "higher education" with "postsecondary education." The act is set to become operative on January 1, 2026, and repeals several existing statutes related to previous educational savings programs.

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