Bill Text: MA S1327 | 2009-2010 | 186th General Court | Introduced
Bill Title: For legislation relative to tax deductions 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 [S1327 Detail]
Download: Massachusetts-2009-S1327-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Rosenberg, Stan (SEN)
_______________
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 relative to tax deductions for contributions to college savings plans.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Rosenberg, Stan (SEN) |
Hampshire and Franklin |
|
Denise Provost |
27th Middlesex |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01792 OF 2007-2008.]
The Commonwealth of Massachusetts
_______________
In the Year Two Thousand and Nine
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An Act relative to tax deductions 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:
SECTION 1. 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) Yearly contributions to qualified tuition program under Section 529 of the Code, such as the U.Fund or the U.Plan offered through the Massachusetts Educational Financing Authority; but in the case of a single person with an adjusted gross income of less than $60,000, a married person filing a separate return with an adjusted gross income of less than $50,000 or a head of household with an adjusted gross income of less than $80,000, the deduction shall not exceed $5000, and in the case of a married couple with an adjusted gross income of less than $80,000 filing a joint return, the deduction shall not exceed $10,000. Notwithstanding any general or special law to the contrary, the contribution limits and the income limits shall increase by the 3-year average of the Consumer Price Index for Massachusetts or shall remain the same in the event of a drop in the CPI.
