This bill amends various sections of the Nebraska educational savings plan trust to broaden its scope to include savings plans for elementary and secondary education. It introduces new definitions, such as "qualified higher education expenses," and clarifies the investment management responsibilities of the Public Employees Retirement Board. The bill ensures that assets in educational savings accounts are not counted as income or assets for state assistance eligibility. Additionally, it modifies tax regulations to allow reductions in federal adjusted gross income for contributions and earnings from the educational savings plan, including employer contributions, while repealing outdated sections to align with federal tax laws.

Furthermore, the bill establishes new programs, including the Employer Matching Contribution Incentive Program and the College Savings Plan Low-Income Matching Scholarship Program, both set to begin on January 1, 2022. It also introduces the Meadowlark Program to enhance access to postsecondary educational opportunities, with matching contributions from state scholarship funds based on household income. The bill clarifies administrative processes and definitions related to these programs, ensuring consistency in terminology and outlining the roles of the State Treasurer in managing the funds. Overall, the legislation aims to enhance educational opportunities and provide tax relief while ensuring a more inclusive educational funding mechanism in Nebraska.

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