SB 420 – Provides for direct deposit of income tax refund to MOST accounts

• Sponsor: Schmitt
• LR Number: 2014S.02I
• Committee: Ways and Means
• Last Action: 5/15/2015 - S Informal Calendar S Bills for Perfection--SB 420-Schmitt
• Effective Date: August 28, 2015

Current Bill Summary

SB 420 - This act permits participants in the MOST program to elect to contribute all or part of their income tax refund to his or her MOST account via direct deposit. Such election must be made on a form provided by the Department of Revenue and may not be revoked.

This act is substantially similar to a provision contained within SS/SB 366 (2015) which was Truly Agreed To and Finally Passed.

SCOTT SVAGERA