SB 324 Modifies the Missouri higher education savings program
Sponsor: Scott
LR Number: 0982S.03C Fiscal Note: 0982-03
Committee: Financial & Governmental Organizations and Elections
Last Action: 5/13/2005 - S Informal Calendar S Bills for Perfection Journal Page:
Title: SCS SB 324 Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary

SCS/SB 324 - This act authorizes a state tax deduction of up to $4,000 per taxpayer for contributions made to qualified educational savings programs sponsored by other states. No person cannot deduct more than $8,000, in the aggregate, in a fiscal year for contributions to a Missouri educational savings program or another state's educational savings program. Such programs must meet certain investor protection measures promulgated the Missouri higher education savings program board. Contributions to the program must be held for at least one year. Contributions and earnings in the program shall not be considered income when determining a student's eligibility for financial assistance under any state aid program.

This act is similar to SB 933 (2004).