Bill
Bill > S1612
summary
Introduced
04/15/2015
04/15/2015
In Committee
04/15/2015
04/15/2015
Crossed Over
Passed
Dead
07/31/2016
07/31/2016
Introduced Session
189th General Court
Bill Summary
For legislation relative to tax deductions for contributions to college savings plans. Revenue.
AI Summary
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 inserts a new provision allowing individuals to deduct contributions to these plans, such as the U.Fund or U.Plan offered by the Massachusetts Educational Financing Authority, from their taxable income. The deduction is capped at $500 for single individuals, married individuals filing separately, or heads of households, and at $1,000 for married couples filing jointly.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a new draft, see H4231 (on 05/05/2016)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/189/S1612 |
| Bill | https://malegislature.gov/Bills/189/S1612.pdf |
Loading...