At its 12th Annual Dinner, the Association of Independent Colleges and Universities in Massachusetts (AICUM) celebrated the Commonwealth’s new 529 College Savings Plan incentive for families which was passed by the Legislature this past summer. Governor Charlie Baker received AICUM’s “Committed to Access” Award for advancing 529s as part of his Economic Development bill and State Senator Eileen Donoghue, the legislative sponsor of the 529 provision, delivered keynote remarks. A video testimonial on the story of the 529 legislations can be seen on YouTube, here.
The 2016 Annual Dinner was the largest in AICUM’s history with over 400 attendees, including 31 college and university presidents, and Massachusetts Education Secretary Jim Peyser.
“I am deeply grateful for the award by AICUM and thank them for their leadership and voice in representing private independent colleges and universities throughout the Commonwealth,” said Governor Charlie Baker. “In Massachusetts we are proud to have an exceptional mix of world-renowned public and private institutions that we value greatly.”
“Providing Massachusetts families with a new incentive to save for education took enormous leadership and commitment from our state leaders,” said AICUM President Richard Doherty. “Our dinner, with nearly all our 58 colleges and universities in attendance, was the ideal venue to give a special honor to Governor Baker and Senator Donoghue for their hard work in moving this legislation forward. College savings tax incentives are proven to encourage families to start saving earlier and more frequently for their children’s education. We are also very grateful to Senate President Stan Rosenberg, House Speaker Robert DeLeo, Senator Michael Rodrigues, Representative Jay Kaufman and Representative Joseph Wagner for their critical leadership and support in bringing 529s to Massachusetts.”
“AICUM has been a tireless advocate for Massachusetts students and their families, and I’m proud that my legislative colleagues and I were able to work with AICUM to make this college savings tax incentive a reality,” said Sen. Eileen Donoghue. “Working families face tight budgets, so saving for college can be difficult. This deduction is a tool that will help them send their kids to college to receive a degree and a brighter future, rather than a crushing mountain of debt.”
The 529 College Savings provision of the Economic Development Bill signed into law by Governor Baker in August establishes a new tax incentive for a prepaid tuition or college savings program established by the state. Single filers will be able to deduct $1,000 while married people filing jointly can deduct up to $2,000.