An Act relative to expanding 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 seeks to increase the amount of money Massachusetts residents can deduct when contributing to 529 college savings plans. Currently, there are limits on these deductions, and this legislation aims to expand those limits, making it easier for families to save for their children's higher education. The bill was referred to the Revenue Committee and subsequently heard, with a reporting date extended.
Key provisions
- Increases deductions for contributions to 529 college savings plans.
- Expands the eligibility for these deductions.
- The bill was heard by the Revenue Committee.
- The reporting date for the bill has been extended.
- The bill was accompanied by a study order (H5313).
- The bill was rescheduled multiple times for hearings.
- The bill is similar to other 529 deduction expansion bills.
- The bill was considered alongside H.3052, which focused on the Massachusetts Educational Financing Authority's program.
Who is affected
- Massachusetts residents
- Parents and families saving for college
- Students and their families
- Financial institutions offering 529 plans
Notable changes
- Increases existing deductions for 529 savings plans.
- No specific current law changes are explicitly stated in the text.
Bill text
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Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Bradley H. Jones Jr.
Cosponsors
Bradley H. Jones Jr.
Kimberly N. Ferguson
Arguments
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