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House Taxation Committee hears bill to increase tax deduction for 529 contributions
Summary
Representative Julie Darling introduced House Bill 845 to raise and index the state income-tax deduction for contributions to family education savings (529) accounts. Financial advisers testified on rising education costs; Department of Revenue staff clarified who may claim the deduction. The sponsor requested a due pass; no vote was taken.
The House Taxation Committee heard testimony on House Bill 845, sponsored by Representative Julie Darling, which would increase Montana’s income-tax deduction for contributions to family education savings accounts (commonly called 529 plans) and add an inflation adjustment tied to the Consumer Price Index.
Representative Julie Darling, the bill’s sponsor, said HB 845 is intended to mirror prior statutory changes made for other state deductions and to make the 529 deduction more flexible. "We just want to allow for more flexibility as time goes on," Darling said, asking the committee for a due pass at the close of the hearing.
Proponents urged the committee to approve the change. Bill Warden of the National…
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