HB 5543
Authorizing the State Treasurer to coordinate SMART529 program with federal Trump accounts
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows the West Virginia State Treasurer to work with federal programs, specifically the ‘Trump Accounts’ established under the IRS, to coordinate educational savings strategies through the SMART529 program. The State Treasurer can provide information to account holders about how funds can be used, transferred, or rolled over, adhering to federal regulations. The bill defines key terms related to the ‘Trump Accounts’ and establishes eligibility criteria for children participating in the coordinated programs.
Key provisions
- Authorizes the State Treasurer to coordinate the SMART529 program with federal Trump Accounts.
- Permits the State Treasurer to provide educational materials to account holders.
- Defines ‘Trump Account’ based on IRS regulations.
- Establishes eligibility criteria for ‘eligible children’ participating in the program.
Who is affected
- West Virginia residents
- Account holders of the SMART529 program
- Federal government (through Trump Accounts)
- Parents and guardians of eligible children
Notable changes
- Creates a mechanism for coordinating the SMART529 program with a specific federal initiative (Trump Accounts).
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