By Ms. Rogeness of Longmeadow, petition (accompanied by bill, House, No. 3100) of Mary S. Rogeness for legislation to provide for a tax deduction for higher education savings accounts.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Mary S. Rogeness

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In the Year Two Thousand and Seven.

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An Act relative to higher education savings.

    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 adding after subsection 15 of paragraph (a) of Part B the following subsection:

(16) Contributions to accounts established pursuant to any qualified Massachusetts tuition program, as defined in Section 529(b) of the Code and made on or after January 1, 2007, equal to the amount of contributions to all such accounts; provided, however, the amount of such contributions that may be deducted in a given year shall not exceed $5,000 for each individual taxpayer, or $10,000 for taxpayers filing a joint return. Any amount of a contribution that is not deducted by the taxpayer in the year in which the contribution is made may be carried forward as a deduction for the succeeding five years; provided the amount deducted shall not exceed the maximum allowed in each such subsequent year.