Missouri considering bills to open deduction to non-Missouri 529s

Several bills introduced into the Missouri Legislature, including SB933, would allow Missouri taxpayers to claim the Missouri state tax deduction for contributions to any state's 529 plan. Currently, the deduction is limited to contributions to the Missouri MOST 529 plan. State Treasurer Nancy Farmer opposes the bills and argues that opening up the deduction to out-of-state 529 plans would hobble the state's own 529 plan. Outside vendors would no longer be interested in managing the MOST 529 plan as a low-cost, low-minimum contribution program, according to her office.

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