A 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)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2018
FY2019
FY2020
FY2021
FY2022
Personal Income Tax
Deductions from Adjusted Gross Income
1.427
Prepaid Tuition or College Savings Plan Deduction
A 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. <BR><BR>The deduction applies to tax years beginning on or after January 1, 2017 through the tax year beginning on January 1, 2021.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section3" target="_blank">G.L. c. 62, § 3.B(a) paragraph (19)</a>
4.2
4.4
4.7
4.9
5.2
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