Arizona House committee approves tax deduction for 529 contributions

The Arizona House Ways and Means Committee has passed HB 2271, a bill that would permit Arizona taxpayers who itemize their deductions to claim a deduction of up to $500 per year for contributions to a 529 plan effective retroactive to January 1, 2004. Although the original version of the bill would permit a deduction for contributions to any 529 plan, an amendment was passed that limits the deduction to Arizona 529 plans. The bill requires further legislative action before it can become law.
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