Assembly OKs bill bolstering Wis. college savings

Posted: Thursday, February 13, 2014 --- 8:06 p.m.

MADISON, Wis. (AP) -- The state Assembly has passed a proposal that would allow maximum contributions to a state college savings plan to increase based on inflation.

The bill also would allow more people to contribute to the program. The EdVest program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts to cover a child's college costs. The bill would allow anyone, not just family members, to contribute to an account.

The measure would also tie the current tax deduction for making a qualifying investment to the rate of inflation. Under current law, qualifying contributions are eligible for a tax deduction up to $3,000 a year.

The Assembly passed the bill on a voice vote Thursday. The Senate passed it last month. It now goes to Gov. Scott Walker.

Copyright 2014: Associated Press


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
NBC15 615 Forward Drive Madison, Wisconsin 53711 Business: 608-274-1515 Newsroom: 608-274-1500
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 245468471 - nbc15.com/a?a=245468471