More opportunities for Missourians to tuck money away for college educations have been approved by the legislature.
The plan lets Missourians get more tax deductions…and have more investment opportunities than they have in the MOST plan–Missouri Savings for tuition. MOST lets people claim as much as eight-thousand dollars in tax deductions for money they invest in the plan. But it’s the only plan they can invest in and get the deduction.
This new program lets married couples filing jointly get credit for 16-thousand dollars in deposits….and lets them invest in college savings plans sponsored by other states.
Te sponsor, Senator Scott Rupp of Wentzville, says the new plan should encourage more people to invest for college educations–theirs, their children’s, their grandchildren’s—anybody’s.
The money can only be used for higher education expenses. If it’s not, it can be taxed.
Next up for the bill: the governor’s signature that makes the program a state law.