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UPDATE: Walker signs bill increasing college contributions

UPDATED Tuesday, April 8, 2014 --- 6:29 p.m.

MADISON, Wis. (AP) -- Gov. Scott Walker has signed into law a bill that allows maximum contributions to a state college savings plan to increase based on inflation.

The bill Walker signed Tuesday also allows 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 new law allows anyone, not just family members, to contribute to an account.

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

Copyright 2014: Associated Press

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UPDATED Thursday, February 13, 2014 --- 6:28 a.m.

MADISON, Wis. (AP) -- A proposal that would allow maximum contributions to a state college savings plan to increase based on inflation is up for a vote in the state Assembly.

The bill scheduled to pass Thursday would also 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 used to cover a child's qualified education costs. The bill would allow anyone, not just family members, to contribute to a child's 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 bill passed the Senate unanimously in January.

Copyright 2014: Associated Press

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UPDATED Wednesday, January 22, 2014 --- 2:50 p.m.

MADISON, Wis. (AP) -- The Wisconsin Senate has passed a bill that would allow more people to contribute to a student's state college savings program.

The EdVest program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts used to cover a child's qualified education costs. The bill passed Wednesday on a unanimous vote would allow anyone, not just family members, to contribute to a child's account.

The bill 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 bill now heads to the state Assembly.

Copyright 2014 The Associated Press.

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Posted Wednesday, January 22, 2014 --- 2:29 p.m.

MADISON, Wis. (AP) -- The Wisconsin Senate has passed a bill that would allow more people to contribute to a student's state college savings program.

The EdVest program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts used to cover a child's qualified education costs. The bill passed Wednesday on a unanimous vote would allow anyone, not just family members, to contribute to a child's account.

The bill now heads to the state Assembly.

Democratic Sen. Dave Hansen, of Green Bay, says the changes are positive, but won't do enough to help address massive student loan debt faced by many students.

Copyright 2014 The Associated Press.


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