Budget Amendment ID: FY2016-S3-576

EDU 576

Family and education savings plan

Messrs. Tarr, Ross, deMacedo, Fattman and Humason moved that the proposed new text be amended by inserting after section __ the following new section:-

"Subsection (a) of section 3B of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting at the end thereof the following new paragraph:-

(17) An amount equal to the amount expended in such taxable year for the purchase of an interest in, or contributed in such taxable year to an account in, the funds from a Coverdell education savings account as established under 26 U.S.C. §530. The total amount deducted in such taxable year shall not exceed $2,000."