Rep. Cunha introduces bill increasing tax deduction for tuition savings programs
STATE HOUSE – Rep. Helder J. Cunha (D-Dist. 64, East Providence) introduced legislation (2017-H 5245) that increases the deduction for the state’s income tax for contributions to qualified tuition savings programs from $500 to $1,000 for individuals and $1,000 to $2,000 for joint filers.
“With the price of higher education rising every year, tuition savings programs have become more critical to those hoping to afford the hefty price tag of higher learning for themselves and their families,” said Representative Cunha. “And, if families are using the tuition savings programs correctly, they should not be penalized with over-taxation either. This bill will allow our residents to continue to save for higher education while also keeping a few more dollars in their pockets during these trying fiscal times.”
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903