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 seeks 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 aims to raise those limits. The goal is to encourage more families to save for their children's higher education expenses. The bill is currently under consideration by the Joint Committee on Revenue.
Key provisions
- Increases deductions for contributions to 529 college savings plans.
- The specific amount of the increase is not detailed in the provided text.
- The bill is being reviewed by the Joint Committee on Revenue.
- It aims to promote college savings among Massachusetts residents.
- The bill was referred to the Joint Committee on Revenue on February 27, 2025.
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 builds upon previous legislation regarding 529 deductions (H.3151, H.2964, H.3150, H.2965, H.3052).
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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