By Mr. Moran of Boston, petition (accompanied by bill, House, No. 3042) of Michael J. Moran and others for legislation to provide for an income tax exemption for certain college savings plan contributions.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Michael J. Moran

Geraldo Alicea

Stephen R. Canessa

Denise Provost

Matthew C. Patrick

Jennifer M. Callahan

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In the Year Two Thousand and Seven.

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An Act creating a tax exemption for college savings plan contributions.

    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. All amounts contributed to college savings plans offered by Massachusetts educational financing authority for college tuition, provided that if the child for whom the plan is established fails to complete 18 hours of college as a fulltime student by his twenty-first birthday, all amounts exempted shall be repaid to the commonwealth.