By Mr. Rosenberg, a petition (accompanied by bill,
Senate, No. 1792) of Stanley C. Rosenberg and Denise
Provost for legislation relative to tax deductions for
contributions to college savings plans. Revenue.
|
By Mr. Rosenberg, a petition (accompanied by bill,
Senate, No. 1792) of Stanley C. Rosenberg and Denise
Provost for legislation relative to tax deductions for
contributions to college savings plans. Revenue.
|
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) Yearly contributions to qualified tuition program under Section 529 of the Code, such as the U.Fund or the U.Plan offered through the Massachusetts Educational Financing Authority; but in the case of a single person with an adjusted gross income of less than $60,000, a married person filing a separate return with an adjusted gross income of less than $50,000 or a head of household with an adjusted gross income of less than $80,000, the deduction shall not exceed $5000, and in the case of a married couple with an adjusted gross income of less than $80,000 filing a joint return, the deduction shall not exceed $10,000. Notwithstanding any general or special law to the contrary, the contribution limits and the income limits shall increase by the 3-year average of the Consumer Price Index for Massachusetts or shall remain the same in the event of a drop in the CPI.
