HOUSE DOCKET, NO. 3344        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2611

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

David M. Rogers

_________________

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 relative to 529 savings plans.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

David M. Rogers

24th Middlesex

1/18/2019

Patricia D. Jehlen

Second Middlesex

1/31/2019

Eric P. Lesser

First Hampden and Hampshire

2/1/2019

Sean Garballey

23rd Middlesex

2/1/2019


HOUSE DOCKET, NO. 3344        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2611

By Mr. Rogers of Cambridge, a petition (accompanied by bill, House, No. 2611) of David M. Rogers and others relative to expenses associated with college savings program established by the Commonwealth.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

An Act relative to 529 savings plans.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION XX. Paragraph (1) of subsection (a) of section 2 of chapter 62 of the General Laws, as so appearing, is hereby amended by adding the following subparagraph:-

(J) Amounts withdrawn from an account in a prepaid tuition program or college savings program established by the commonwealth or an instrumentality or authority of the commonwealth, referred to here as a “529 account”, to pay for expenses associated with enrollment or attendance at an elementary or secondary school that are attributable to: (i) amounts expended for the purchase of an interest in or amounts contributed to such 529 account for which the deduction in paragraph (19) of subsection (a) of part B of section 3 was allowed in a previous taxable year; or (ii) earnings and gains on such 529 account not included in federal gross income under section 529 of the Code, as amended and in effect for the taxable year. For the purposes of this section, such withdrawals shall be attributed first to the earnings and gains on a 529 account not included in federal gross income under said section 529 of the Code, then to the aggregate of all amounts contributed to a 529 account for which the deduction in paragraph (19) of subsection (a) of part B of section 3 was allowed in a previous taxable year, and then finally to contributions that have already been taxed under this chapter.

SECTION XX. Section 3 of said chapter 62, as so appearing, is hereby amended by inserting after the words “26 U.S.C. 529(e)(3)”, in lines 202 and 203, the following words:- ; provided, however, that “qualified higher education expenses” shall not include an expense associated with enrollment or attendance at an elementary or secondary school.