MO SB366

Participants may elect to contribute all or part of their state income tax refund directly to a Missouri 529 higher education savings account, with a minimum contribution of $25

Parents or legal guardians may contribute refund portions to accounts held by each of their children, regardless of any departmental limits on the number of accounts

Refunds of qualified higher education expenses received when a student withdraws from an eligible institution are exempt from state income tax if recontributed to a 529 plan within 60 days

Annual contributions up to $8,000 per individual taxpayer (or $16,000 for married couples filing jointly) remain deductible from Missouri adjusted gross income

Section 166.435's changes become effective only upon passage of H.R. 529 by the 114th U.S. Congress, as notified by the State Treasurer