Bill > S1361

This bill proposes to amend Massachusetts General Laws to allow for tax deductions on contributions made to qualified tuition programs, commonly known as 529 plans, which are designed to help families save for future education costs. Specifically, the bill introduces a new provision that would permit individuals to deduct contributions made to these plans, such as the U.Fund or U.Plan offered by the Massachusetts Educational Financing Authority, from their state income taxes. The deduction is capped at $500 for single individuals, married individuals filing separately, or heads of household, and at $1,000 for married couples filing a joint return. This change aims to incentivize savings for college education by providing a direct tax benefit to contributors.