Missouri SB1279 modifies the income tax deduction for contributions to 529 savings accounts.
Missouri SB1279 repeals Section 166.435 of RSMo and enacts a new section to modify the income tax deduction for contributions to 529 savings accounts. The new section exempts assets and income from state taxation if used for qualified education expenses. Contributions to these programs are subtracted from Missouri adjusted gross income. The changes apply to tax years beginning on or after January 1, 2008.
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