Hawaii introduces 529 tax deduction bill

A bill (SB744) introduced into the Hawaii Senate on January 23, 2009 would provide a maximum $5,000 state income tax deduction ($10,000 for married taxpayers filing jointly) for contributions by a Hawaii taxpayer to any state's 529 plan. Excess contributions could be carried over to as many as five subsequent tax years. The deduction would be first effective for the 2009 tax year.
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