SENATE DOCKET, NO. 829 FILED ON: 1/17/2013
SENATE . . . . . . . . . . . . . . No. 1338
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The Commonwealth of Massachusetts
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PRESENTED BY:
John Hart, Jr.
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act incenting college savings.
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PETITION OF:
Name: | District/Address: |
John Hart, Jr. | First Suffolk |
Eileen M. Donoghue | First Middlesex |
Michael O. Moore | Second Worcester |
Alice Hanlon Peisch | 14th Norfolk |
SENATE DOCKET, NO. 829 FILED ON: 1/17/2013
SENATE . . . . . . . . . . . . . . No. 1338
By Mr. Hart, a petition (accompanied by bill, Senate, No. 1338) of John Hart, Jr., Eileen M. Donoghue and Michael O. Moore for legislation relative to college tuition tax saving incentives. Revenue. |
The Commonwealth of Massachusetts
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In the Year Two Thousand Thirteen
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An Act incenting college 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. Subsection (a) of section 3B of Chapter 62 of the General Laws is hereby amended by inserting, at the end, the following new paragraph:-
An amount equal to the amount expended in such taxable year for the purchase of an interest in, or contributed in such taxable year to an account in, a prepaid tuition program or college savings program established by the commonwealth or any instrumentality or authority therof. In the case of a single person or a married person filing a separate return or a head of household, the total amount deducted in such taxable year shall not exceed $5,000. In the case of a married couple filing a joint return, the total amount deducted in such taxable year shall not exceed $10,000.