North Carolina advances 529 deduction bill

The North Carolina House has passed House Bill 770, that would provide a North Carolina state income tax deduction of up to $10,000 per year ($20,000 on a joint return) for contributions to North Carolina's 529 savings plan. The deduction would be effective for the 2006 tax year but would expire after the 2010 tax year.

HB 770 also requires that the General Assembly consider expanding the deduction to include contributions to all 529 plans during its 2007 session.
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