Bill bolstering Wis. college savings up for vote
MADISON, Wis. (AP) – A proposal that would allow maximum contributions to a state college savings plan to increase based on inflation is up for a vote in the state Assembly. The bill scheduled to pass Thursday would also allow more people to contribute to the program. The EdVest program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts used to cover a child’s qualified education costs. The bill would allow anyone, not just family members, to contribute to a child’s account. The measure would also tie the current tax deduction for making a qualifying investment to the rate of inflation. Under current law, qualifying contributions are eligible for a tax deduction up to $3,000 a year. The bill passed the Senate unanimously in January.
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