An Act relative to increasing 529 deductions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to increase the deductions available to Massachusetts taxpayers who contribute to 529 college savings plans. Currently, there are limits on how much of a 529 contribution can be deducted from taxable income. This legislation aims to expand these deductions, making it more financially beneficial for families saving for their children’s higher education.
Key provisions
- Increases deductions for contributions to 529 college savings plans.
- Specifically targets expanding the existing tax benefits associated with these plans.
- The bill seeks to encourage greater use of 529 plans for college savings.
Who is affected
- Massachusetts taxpayers
- Families saving for college
- Individuals contributing to 529 plans
Notable changes
- The bill proposes an increase to existing 529 deduction limits.
- It does not detail the specific amount of the increase.
Bill text
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Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Jacob R. Oliveira
Cosponsors
Jacob R. Oliveira
Patrick Joseph Kearney
Arguments
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