2006 Senate Bill 1048

Revise college savings account tax deduction

Introduced in the Senate

Feb. 21, 2006

Introduced by Sen. Bruce Patterson (R-7)

To revise the tax deduction for contributions to college savings accounts. Under current law, the deduction is equal to all contributions minus withdrawals, with a maximum $5,000 deduction. The bill would allow this to be calculated on a per-account basis, which would affect parents with more than one child and more than one account.

Referred to the Committee on Finance