By Mr. Dempsey of Haverhill, petition (accompanied by bill, House, No. 2886) of Brian S. Dempsey Providing for an income tax deduction for contributions made to college savings plans.  Revenue.

The Commonwealth of Massachusetts

——————

PETITION OF:

Brian S. Dempsey

——————

In the Year Two Thousand and Seven.

——————

An Act Providing for a Certain Income Tax Deduction.

    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 subsection B of section 3 of chapter 62 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by adding the following subparagraph:-

                (14)  An amount equal to the amount contributed by the taxpayer to a college savings plan authorized under section 529 of the Code.  The amounts to be deducted hereunder shall not exceed:

                (A)  in the case of a single person or a married person filing a separate return, $5,000;

                (B)  in the case of a head of household, as defined under section 2(b) of the Code, filing a separate return, $7,725; and,

                (C)  in the case of married persons filing jointly, $10,000.

SECTION 2.  Section 1 shall be effective for taxable years beginning on or after January 1, 2007.