MN gets tax deduction
Minnesota. HF 848, an omnibus tax bill which includes parity tax benefits (up to a $500 credit depending on a filer’s AGI and a deduction of up to $1,500 for single filers and $3,000 for joint filers) for contributions to any 529 plan, was signed by the governor May 24 and is now Chapter 188. The law also expands the definition of qualified higher education expenses to include computers and related equipment. The changes will be effective for tax year 2016.
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