SS/SB 882 - This act modifies the Missouri Higher Education Savings Program to allow 529 MOST account holders to transfer money from such account to a Missouri ABLE account while retaining tax exempt status on any money transferred. This provision is identical to a provision in the truly agreed to SS/HB 1744 (2018) and HCS/HB 2115 (2018).
This act additionally stipulates that funds held in 529 MOST savings account that are used at a designated elementary and secondary institution are considered a qualified education expense, permitting a taxpayer to receive a tax deduction for such expenses.
The act adds the Commissioner of Education to the membership of the Missouri Higher Education Savings Program Board.
SCOTT SVAGERA