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Louisiana offers double-deduction for low-income families

(July 13, 2005) - Legislation enacted in Louisiana (Act 292) provides that account owners contributing up to $2,400 per year into the START Saving Program for a beneficiary with family income under $30,000 (or if the beneficiary qualifies under the free school lunch program) will be eligible to claim twice the amount contributed against Louisiana taxable income. The new higher deduction is first available for the 2005 tax year.

The Act makes other changes, including a doubling of the annual per-beneficiary deduction limit to $4,800 for a married couple filing joint, and conforming Louisiana gift tax treatment to federal gift tax treatment for contributions made to the START program.

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