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SB 293

Tax deductions for 529 programs

(Fitzgerald) Allows an individual income tax deduction for certain amounts contributed to any section 529 college tuition program.

To Joint Committee on Finance.

OPPOSE: This bill would give Wisconsin taxpayers the opportunity to receive an income tax deduction for contributions to ANY state’s 529 college savings program. EdVest was established as Wisconsin’s 529 college tuition program. By potentially reducing the number of participants in the EdVest program and therefore reducing the amount of funding, administrative fees could increase for Wisconsin residents remaining in the program. No other state offers a state tax deduction for another states college savings program. The loss of revenue to the state of Wisconsin through expanded tax deductions could ultimately result in less tax support for the higher education in the state.