Budget Amendment ID: FY2016-S3-862

EHS 862

Child Savings Accounts

Mr. Eldridge moved that the proposed new text be amended by inserting after section XX, the following new section:-

“SECTION XX.  Section 25 of chapter 118E of the General Laws, as so appearing, is hereby amended by inserting, after subsection (5), the following subsection:-

(6) A college savings account established and maintained pursuant to, or consistent with, section 529 of the Internal Revenue Code

SECTION X.  Subsection (b) of section 110 of chapter of the acts of 1995, as amended by section 22 of chapter 158 of the acts of 2014, is hereby further amended by inserting at the end thereof the following:- “; provided further, that an assistance unit shall be allowed the value and balance of a college savings account established and maintained pursuant to, or consistent with, section 529 of the Internal Revenue Code”.