Bill > H3150

This bill modifies Massachusetts state law regarding 529 college savings plans by expanding the definition of eligible savings plans for tax deduction purposes. Specifically, the bill removes language that previously limited tax deductions to 529 plans established by the commonwealth or its instrumentalities, and replaces it with broader language that allows deductions for 529 plans established by the commonwealth or any authority authorized under U.S. Code Section 529. This change effectively broadens the range of college savings plans that Massachusetts taxpayers can claim as tax deductions, potentially giving families more flexibility in how they save for higher education expenses. The modification appears to align state tax law with federal guidelines for 529 college savings plans, which are investment accounts designed to help families save for educational expenses with certain tax advantages.

Budget and Finance

https://malegislature.gov/Bills/194/H3150