Section 6 of chapter 62 of the General Laws, as most recently amended by section 103 of chapter 268 of the acts of 2022, is hereby further amended by adding the following subsection:-
(dd)(1) A taxpayer shall be allowed in each taxable year a credit equal to $2,500 for payments contributing to each child’s college tuition; provided, that such child shall be a dependent of the taxpayer.
(2) To be eligible for a credit under this subsection, the taxpayer shall earn less than $100,000 annually. The taxpayer’s income shall be adjusted at the beginning of each calendar year, by the percentage, if any, by which the consumer price index, as defined in section 1 of the Internal Revenue Code, pursuant to 26 U.S.C. section 1, for the preceding year exceeds the consumer price index for the calendar year that ends before such preceding year.
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