Budget Amendment ID: FY2013-S4-35

OTH 35

Tax Deductions for Contributions to College Savings Plans

Messrs. Knapik, Tarr and Ross moved that the proposed new text be amended by adding at the end thereof, the following new section:-

SECTION XX. 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.