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) Amount not to exceed $1000 of initial contributions following the opening of a college savings plan offered by the Massachusetts Educational Financing Authority provided that the initial deposit made by the contributor is in excess of $3000. For all subsequent annual aggregate contributions, amount not to exceed $500 of contributions made to aforementioned plans, provided that the amounts contributed to said plan are greater than $2000. In the case that the account is closed prior to the eighteenth birthday of the child for which the account is intended, all exemptions granted under this provision shall be paid back to the Commonwealth by the account holder.
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