|Posted:||May 13, 2014 03:37 PM|
|From:||Senator Mike Folmer|
|To:||All Senate members|
|Subject:||College Savings Plans|
|In the near future, I will be introducing two pieces of legislation to enhance and protect college savings plans of Pennsylvania families.
In 2006, Pennsylvania passed legislation to allow for a tax deduction for contributions to a college savings plan. This law provides for a deduction regardless which college savings plan the individual chose to contribute to.
I propose to build on this law by amending two other current statutes.
Hundreds of thousands of Pennsylvania families utilize college savings plans to prepare for the financial investment of higher education – be it for themselves, their children, their grandchildren or other family members. College costs have risen significantly in recent years across the nation at public and private colleges where many of Pennsylvania families send their children to college. Other states offer these incentives and protections to their taxpayers. It’s time Pennsylvania make these updates and enhancements available.
Introduced as SB1403
|Description:||Amendments to the Tuition Account Programs and College Savings Bond Act:
My legislation amends the Tuition Account Programs and College Savings Bond Act to build on the benefits of college savings plans allowed under current law by:
Introduced as SB1404
|Description:||Amendments to the Tax Reform Code of 1971:
In 2006, Pennsylvania established a tax deduction for individuals contributing to a college savings plan – regardless of which college savings plan they chose for their contribution. My legislation amends the Tax Reform Code to build on this incentive by: