Bill

S 2066

Medicare Transaction Fraud Prevention Act

119th Congress Introduced by Bill Cassidy and 3 co-sponsors

Bill S 2066 increases Massachusetts tax deductions for 529 college savings plans, raising limits to $5,000 for individuals and $10,000 for couples, easing college costs.

Introduced in Senate

WeVote Research Nonpartisan

Bill Summary · S 2066

Summary of Bill S 2066: An Act Relative to Increasing 529 Deductions

Purpose and Intent

Bill S 2066 aims to enhance the financial incentives for families saving for higher education by increasing the tax deductions available for contributions to 529 college savings plans in Massachusetts. This legislation seeks to make college more affordable and encourage families to invest in their children's education.

Key Provisions

The bill proposes the following amendments to the Massachusetts General Laws:

Increase in Deduction Limits:
- The current deduction limit of $1,000 for contributions to a 529 plan will be increased to $5,000.
- The maximum deduction for married couples filing jointly will rise from $2,000 to $10,000.

These changes are intended to provide greater tax relief for families saving for college, thereby promoting the use of 529 plans.

Affected Parties

Families and Students: The primary beneficiaries of this bill will be families saving for their children's college education, as the increased deductions will reduce their taxable income and overall tax burden.
Educational Institutions: By making college savings more attractive, the bill may indirectly benefit colleges and universities through increased enrollment and financial stability of students.

Procedural Aspects

Introduced: The bill was introduced on February 27, 2025, and referred to the committee on Revenue.
Hearing Scheduled: A public hearing is set for November 18, 2025, from 10:00 AM to 1:00 PM in room A-1, where stakeholders can provide input on the proposed changes.
Legislative History: This bill is a reintroduction of similar legislation from the previous session (House, No. 2964 of 2021-2022).

Conclusion

Bill S 2066 represents a significant step towards enhancing the financial support available for families saving for higher education in Massachusetts. By increasing the tax deductions for 529 plans, the bill aims to alleviate some of the financial burdens associated with college expenses, thereby encouraging more families to invest in their children's futures.

Compiled from official sources — confirm details with the bill’s official record.