Increases personal income tax deduction for contributions to state-established 529 qualified state tuition programs.
This bill amends section 12-701a of the general statutes to increase the personal income tax deduction for contributions to state-established 529 qualified state tuition programs. The deduction rises from $5,000 to $10,000 for individual taxpayers and from $10,000 to $20,000 for taxpayers filing a joint return. The purpose is to incentivize contributions to these education savings accounts.
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