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Posted: Apr 20 2015 3:05PM
RELEASE: Rep. Wills' legislation to help families save for college included in tax bill
ST. PAUL, MN—Legislation chief authored by Rep. Anna Wills, R-Apple Valley, to help make it easier for families to save for college is included in the omnibus tax bill, which was released over the weekend and formally unveiled at a press conference in Saint Paul on Monday
. The tax bill includes $2 billion in tax relief primarily targeted at families, students, farmers, seniors, and veterans.
The provision provides either a tax deduction or a tax credit to families saving for higher education expenses, based on contributions they make to any state's 529 College Savings Plan. The Minnesota College Savings Plan was created by the Minnesota Office of Higher Education in 2001.
"This provision will help families and students save for higher education, reducing the need for loans and tuition assistance," Wills said. "We need to give families as many tools as possible to reduce the financial stress of paying for higher education. My provision, combined with other provisions in this bill, will help thousands of families save for the future education of their children."
"Rep. Wills' provision is one of many in the tax bill that will help put more money in the pockets of Minnesota families," said Rep. Greg Davids, R-Preston, Chairman of the House Taxes Committee. "I'm grateful for her commitment to making it easier for families to save for higher education expenses."
The omnibus tax bill is expected to receive its first committee hearing this week, and is likely to be passed by the House later this month.
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