Bill Text: MA H2910 | 2009-2010 | 186th General Court | Introduced
Bill Title: Establishing a tax exemption for contributions to college savings plans
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/22 at 10:00 AM in Hearing Room B2 [H2910 Detail]
Download: Massachusetts-2009-H2910-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Robert P. Spellane
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act establishing a tax exemption for contributions to college savings plans.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Robert P. Spellane |
13th Worcester |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE HOUSE, NO. 3129 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act establishing a tax exemption for contributions to college
savings plans.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
Paragraph (a) of Part B of section 3 of chapter 62 of the General Laws, as most recently amended by section 42 of chapter 139 of the acts of 2006, is hereby further amended by adding the following paragraph:
16) Amount not to exceed $1000 of initial contributions following the opening of a college savings plan offered by the Massachusetts Educational Financing Authority provided that the initial deposit made by the contributor is in excess of $3000. For all subsequent annual aggregate contributions, amount not to exceed $500 of contributions made to aforementioned plans, provided that the amounts contributed to said plan are greater than $2000. In the case that the account is closed prior to the eighteenth birthday of the child for which the account is intended, all exemptions granted under this provision shall be paid back to the Commonwealth by the account holder.
