By Mr. Stanley of Waltham, petition (accompanied by bill, House, No. 3136) of Thomas M. Stanley and others providing for a income tax deduction for contributions to college savings plans.  Revenue.

The Commonwealth of Massachusetts

——————

PETITION OF:

Thomas M. Stanley

Denise Provost

James B. Eldridge

——————

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; provided, however, that the amount to be deducted hereunder shall not exceed $2,000 for any 1 beneficiary.

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