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Advocates press to let Massachusetts savers use out‑of‑state fossil‑free 529 plans while keeping state tax deduction
Summary
Parents and climate advocates urged lawmakers to let Massachusetts taxpayers claim the state 529 tax deduction for qualified, low‑fee fossil‑free 529 plans offered outside MEFA, saying Fidelity’s new climate portfolio is a start but remains costly and not age‑based.
Parents, grandparents and climate advocates asked the Joint Committee on Revenue to support H.3206, legislation that would make qualified low‑fee fossil‑free 529 plans eligible for the Massachusetts state income‑tax deduction even if the plan is managed outside the state’s MEFA U‑Fund.
Witnesses described a common choice facing savers: accept the state tax deduction by investing in the MEFA U‑Fund options (many of which include fossil‑fuel company holdings), or invest…
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