Amendment #801 to H4100

529 Savings Account Tax Deduction

Mr. Stanley of Waltham moves to amend the bill in Section 2 by adding at the end the following additional section:-

“SECTION XX. Paragraph (a) of subsection B of section 3 of chapter 62 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by adding the following subparagraph: —

(14)  An amount equal to the amount contributed by the taxpayer to a college savings plan authorized under section 529 of the Code; provided, however, that the amount to be deducted hereunder shall not exceed $2,000 for any 1 beneficiary.

SECTION XX.   Section 1 shall be effective for taxable years beginning on or after January 1, 2013.”