Budget Amendment ID: FY2012-S3-14

OTH 14

An Amendment in Support of those Contributing to College Savings Plans

Messrs. Knapik, Tarr, Ross and Hedlund moved that the proposed new text be amended by inserting, after Section XXX, the following new Section:-

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)  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, a married person filing a separate return or a head of household the deduction shall not exceed $500, and in the case of a married couple filing a joint return, the deduction shall not exceed $1,000.