Bill > H3151

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 annual deduction limit from $1,000 to $5,000 for individual taxpayers and from $2,000 to $10,000 for married couples filing jointly. A 529 plan is a tax-advantaged investment account designed to help families save for education expenses, typically for college or other post-secondary education. By increasing these deduction limits, the bill aims to make it more financially attractive for Massachusetts residents to save for their children's or their own educational costs by providing a larger tax break for contributions to these savings plans. The increased deduction could potentially encourage more people to invest in education savings and provide greater financial flexibility for families planning for future educational expenses.

Budget and Finance

https://malegislature.gov/Bills/194/H3151