Senate Budget Battle Sees Changes Made To College Savings Plan

A revised college tuition savings program has been approved by the Senate, but only after some tax deductions were taken out of it. And, the compromise makes the existing Missouri Savings for Tuition program – MOST – less attractive because it removes the tax deduction for contributions to that account, too. The compromise works for Senate Floor Leader Michael Gibbons of Kirkwood. Removing the deductability for contributions will mean the state will take in about $5-Million in tax income it otherwise won’t get. The House has not yet agreed to the idea.