Bill > S1468

This bill proposes to amend Massachusetts General Laws Chapter 62, Section 3B(a) to create new incentives for saving for college by allowing individuals to deduct contributions made to certain college savings programs from their taxable income. Specifically, taxpayers can deduct the amount they spent in a given year to purchase an interest in or contribute to a prepaid tuition program or a college savings program established by the Commonwealth of Massachusetts or its agencies. For individuals filing as single, married filing separately, or as head of household, the maximum deduction allowed per year is $5,000, while married couples filing jointly can deduct up to $10,000 annually. This aims to encourage more families to save for higher education expenses.