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MI SCR0025
Concurrent Resolution
AI Summary
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Memorializes Congress to expand federal tax exemptions for state-sponsored education savings accounts (529 plans and Coverdell ESAs) to cover K-12 educational expenses in addition to postsecondary education.
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Urges Congress to increase annual contribution limits for Coverdell Education Savings Accounts to align with the Enhanced Michigan Education Savings Program (E-MESP), which allows tax-exempt contributions up to $5,000 for single filers and $10,000 for joint filers.
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Requests Congress allow federal education funding to be deposited directly into qualified student-specific education savings accounts.
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Notes current federal tax code limits contributions to Coverdell ESAs at $2,000 annually and prohibits deductions of contributions to either 529 plans or Coverdell ESAs from federal taxable income.
Legislative Description
A concurrent resolution to memorialize the Congress of the United States to expand federal tax exemptions and contribution limits for state-sponsored education savings accounts and to allow federal education funding to be deposited into student-specific education savings accounts.
Last Action
Reported With Recommendation Without Amendment
2/8/2018