HB 1785 -- Income Tax:  Section 529 Savings Program

Co-Sponsors:  Liese, Hanaway

This bill creates a qualified state tuition program, also known
as a Section 529 Savings Program, for purposes of tax deferral
and exemption of earnings on contributions to the program.
Distributions from the program must be used for certain higher
education expenses.

Earnings from the program will be deferred for federal income tax
purposes, and contributions and earnings are exempt from state
income tax.  The maximum contribution under the plan cannot
exceed $8,000 per year.

The program will become effective January 1, 2002.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:02 am