summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
Crossed Over
Passed
Dead
Introduced Session
194th General Court
Bill Summary
Relative to increasing college savings plan deductions. Revenue.
AI Summary
This bill proposes to increase the tax deduction limits for contributions to 529 college savings plans in Massachusetts. Specifically, the bill amends an existing tax law by raising the individual deduction limit from $1,000 to $5,000 and the joint (married) deduction limit from $2,000 to $10,000. A 529 plan is a tax-advantaged investment account designed to help families save for education expenses, allowing individuals to deduct contributions from their state income taxes up to the specified limits. By increasing these deduction amounts, the bill aims to provide more significant tax benefits for residents saving for college education, potentially encouraging greater participation in college savings plans and making higher education more financially accessible.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Hearing rescheduled to 11/18/2025 from 10:00 AM-11:00 AM in B-1 and Virtual Hearing updated to New End Time (on 11/18/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/194/S2066 |
| BillText | https://malegislature.gov/Bills/194/S2066.pdf |
Loading...