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Lawmakers Hear Push to Let Families Claim Tax Deduction for Fossil‑fuel‑free 529 Plans
Summary
Parents, climate advocates and retirees urged the Joint Committee on Revenue to allow Massachusetts taxpayers to claim the state 529 tax deduction for low‑fee, fossil‑fuel‑free college savings accounts offered outside the state U.Fund if MEFA does not provide an equivalent plan.
BOSTON — Parents, climate advocates and a retired investor told the Joint Committee on Revenue on Wednesday that Massachusetts should let savers claim the state tax deduction for 529 college savings accounts that exclude fossil‑fuel companies if the state’s U.Fund does not offer an equivalent, low‑fee, age‑based option.
Supporters said the bill, filed as H.3206, would preserve the existing state tax deduction for Massachusetts taxpayers who choose qualified out‑of‑state plans that meet a narrow “fossil‑fuel‑free” definition; it would also cap management fees for any qualifying option. The…
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