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Committee hears bill to limit Missouri 529 tax deduction to MOST plan; Treasurer urges keeping dollars in-state
Summary
A hearing on House Bill 1272 sought to limit Missouri tax deductions for 529 college savings contributions to Missouri’s MOST 529 plan. State Treasurer Vivek Malik testified in support, citing figures that about $398 million in deductions were claimed statewide and that roughly $40 million flowed to other states.
Representative (sponsor) introduced House Bill 1272, a proposal to restrict Missouri state tax deductions for 529 college savings contributions so that the deduction would apply only to contributions made to Missouri’s MOST 529 plan.
The sponsor told the committee the change is intended to keep Missouri tax incentives and the resulting economic benefits inside the state. The sponsor said that while the current policy—allowing deductions for any state’s 529 plan—was intended to provide flexibility, it had the unintended effect of…
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