An Act relative to increasing 529 deductions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- 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 can be deducted, and this legislation seeks to raise those limits. The goal is to make it more affordable for families to save for their children’s higher education expenses. The bill was referred to the committee on Revenue and subsequently received Senate concurrence.
Key provisions
- Increases deductions for contributions to 529 college savings plans.
- Specifically, the bill aims to expand the amount that can be deducted.
- The legislation was referred to the House Committee on Revenue.
- The Senate concurred with the bill.
- A hearing was scheduled to discuss the proposed changes.
- The reporting date for the House was extended.
- The bill is similar to other 529 deduction proposals.
- The bill is related to the Massachusetts Educational Financing Authority's college savings tax deduction program.
Who is affected
- Massachusetts taxpayers
- Parents and families saving for college
- Individuals contributing to 529 plans
Notable changes
- Increases existing 529 deduction limits.
- Aligns with similar proposals regarding 529 savings plans.
Bill text
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Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
8 on record
Primary sponsor
Bradley H. Jones Jr.
Cosponsors
Bradley H. Jones Jr.
Jacob R. Oliveira
Arguments
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