The House last month also approved a separate $654 million tax relief package. We recently had an increase to our bond rating and April's numbers, while lower than last year in April, are still the highest recorded revenue in the commonwealth's history,” she said Monday. The effect is also more complicated with a 529 plan than with a Roth IRA. Are you on track See if youre on track to meet your college savings goals. We're in a very strong financial position here in the state. A 529 plan can affect your child’s financial aid, but the impact is typically minimal. Get started with college savings Understand what its like to have an account, from choosing a plan to withdrawing funds. The budget debate comes as April tax revenues plummeted more than $2.1 billion below collections for last April and more than $1.4 billion below predictions for the month. Maura Healey unveiled her budget plan earlier in the year. You can open and contribute to almost any 529 plan, no matter what state you live in and regardless of your age or income. The House approved its $56.2 billion state budget plan last month. The Schwab 529 Education Savings Plan Start an education fund for your children or a family member with a Schwab 529 Education Savings Plan. Both budget plans would bring the total to just over $9 billion. The account currently has about $7.1 billion. Earnings on contributions grow federal income tax deferred, and withdrawals taken to pay for qualified higher education expenses such as tuition, fees, and room and board are free from federal income taxes. While the House would allow the online lottery games, the Senate plan doesn't address the issue.īoth budget proposals would funnel money into the state’s stabilization, or “rainy day,” fund. 529 savings plans are flexible, tax-advantaged accounts designed specifically for education savings. The Senate also breaks with the House on the issue on online lottery sales. Senate leaders say they hope to take up the issue in a separate supplemental budget. Unlike the House budget, the Senate plan doesn't include money for universal free school meals. Of the $500 dedicated to transportation, the Senate plan would include $190 million for the beleagered Massachusetts Bay Transportation Authority and another $100 for roads and bridges. Like the Massachusetts House, the Senate's budget plan would also split the anticipated $1 billion in added revenue from the state's new “millionaire’s tax" between education and transportation initiatives. The budget would also create a free community college program for nursing students.
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