MS. Upon passage of the comprehensive tax reform
legislation by both the U.S. House of Representatives and the U.S. Senate,
Treasurer Lynn Fitch made the following statement:
“Congress included in its comprehensive tax reform package a small
provision that could have a big impact for Mississippi families – expanding 529
college savings to include tuition for public, private, or religious primary
and secondary education as a qualified expense.
The new law, which President Trump is expected to sign soon, limits the
distributions for this purpose to $10,000 per student per taxable year. And, the provision applies to distributions
made after December 31, 2017.
“College Savings Mississippi is excited at this new option for our
MACS account holders and we look forward to working with Mississippi families
to help them save for all of their loved ones’ education goals. Approximately 49,000 to 54,000 students attend
over 230 private and religious schools in Mississippi each year. This new law may help them as well as others
who have faced financial impediments to these options.
“In the coming weeks, we expect that there will be additional
guidance on this change to 529 plans from the U.S. Treasury. College Savings Mississippi will be working
to ensure that there is a smooth transition for all.
“We continue to encourage families that are looking for a
meaningful gift for the children and grandchildren in their lives to make a
gift of education with a contribution to their College Savings Mississippi
accounts. This new tax law change makes
that gift even more meaningful. For more
information on giving the gift of a lifetime, visit my website at http://www.treasurerlynnfitch.ms.gov/pages/gift.aspx.”