By Representative Golden of Lowell and Senator Panagiotakos, joint petition (accompanied by bill, 2926) of Thomas A. Golden, Jr., and others for legislation to provide for deductions from the income tax for contributions to qualified college savings plans. Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Thomas A. Golden, Jr.

Steven C. Panagiotakos

Kevin J. Murphy

David M. Nangle

Patrick M. Natale

Stephen Stat Smith

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In the Year Two Thousand and Seven.

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An Act relative to dedcutions for contributions to qualified 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.

Section 3 of Chapter 62 of the General laws, as appearing in the 2004 Official Edition, is hereby amended by inserting, after item (15) at the end of subsection B.(a), the following new item:-

                (16) An amount up to $1,000 per individual to any qualified college savings plan as defined by Section 529 of the Code; provided however, that an individual may contribute the maximum amount to more than one college savings plan but in no event shall the deduction be greater than $5,000 per individual in any year.