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. The amounts to be deducted hereunder shall not exceed:
(A) in the case of a single person or a married person filing a separate return, $5,000;
(B) in the case of a head of household, as defined under section 2(b) of the Code, filing a separate return, $7,725; and,
(C) in the case of married persons filing jointly, $10,000.
SECTION 2. Section 1 shall be effective for taxable years beginning on or after January 1, 2007.
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