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1.427 -Prepaid Tuition or College Savings Plan Deduction

Item	Description	FY2014	FY2015	FY2016	FY2017	FY2018
1.427	Prepaid Tuition or College Savings Plan Deduction A new deduction against Part B income is allowed in an amount equal to 1) purchases of or 2) contributions made in a taxable year to an account in a pre-paid tuition program or a college savings program established by the Commonwealth or an instrumentality or authority of the Commonwealth. The deduction is capped at $1,000 for a single person or head of household and $2,000 for a married couple filing a joint return. The deduction applies to tax years beginning on or after January 1, 2017 through the tax year beginning on January 1, 2021. Origin: G.L. c. 62, § 3.B(a) paragraph (19) Estimate: $8.6	N.A.	N.A.	N.A.	N.A.	8.6

ORIGIN
IRC	Federal Internal Revenue Code (26 U.S.C.)
U.S.C	United States Code
M.G.L.	Massachusetts General Laws
Rev. Rul.; C.B.	Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES	All estimates are in $ millions.