At its 12th Annual Dinner, the Association of Independent Colleges and Universities in Massachusetts (AICUM) celebrated the Commonwealth’s new 529 College Savings Plan incentive for families which was passed by the Legislature this past summer. AICUM represents 58 private, non-profit colleges and universities throughout Massachusetts.
Governor Charlie Baker received AICUM’s “Committed to Access” Award for advancing a 529 tax deduction as part of his Economic Development bill and State Senator Eileen Donoghue, the legislative sponsor of the 529 provision, delivered keynote remarks. The 529 College Savings provision of the Economic Development Bill was signed into law by Governor Baker in August. A video testimonial on the story of the 529 legislation can be seen on YouTube, here.
The new 529 College Savings provision offers Massachusetts families a new tax incentive for contributions to a prepaid tuition or college savings program established by the state. Single filers will be able to deduct up to $1,000 while married people filing jointly can deduct up to $2,000.