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.
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