UW System Position on Bills Introduced in the Legislature During the 2005-2006 Session
Tax Credits for College Savings Account or Tuition and Expenses program
(Kanavas) Creates nonrefundable individual income tax credits for amounts contributed to a college savings account or a college tuition and expenses program.
This bill also creates two nonrefundable individual income tax credits based on amounts paid by an individual into an EdVest I and EdVest II account and the individual’s marginal tax rate. Also under the bill, the credits for amounts contributed to both EdVest I and EdVest II may be claimed by a divorced or legally separated parent of a child without regard to whether the child is his or her dependent.
To Committee on Job Creation, Economic Development and Consumer Affairs.
UW System Position
SUPPORT: This bill would expand saving for college by allowing divorced or legally separated parents to qualify for a tax credit for a college savings account or a college tuition and expenses program regardless of whether they can claim the child as a dependent.