Earlier today, AICUM President Richard Doherty testified in front of the state’s Joint Committee on Revenue about helping families save for college.
Families across the Commonwealth can relate to the difficulty of trying to save for your child’s college education in the midst of making ends meet on rent or a mortgage, food, activities for your children and other expenses.
In addition to the 529 College Savings Plans offered on the federal level, most income tax states also offer state level tax incentives to help families save for college. It’s time for Massachusetts – a leader in higher learning – to do the same.
AICUM applauds the lawmakers who have sponsored or co-sponsored legislation that would give the hardworking families of our state a tax break on college savings plans. We all know that college is what puts young people on the road to higher earnings and future success – and studies have shown that having any college savings makes a student more likely to attend a four-year college.
Read our testimony on this issue and my recent op-ed in The Herald News for more details. We look forward to continuing a discussion on this important college savings tool, and we are hopeful that this discussion leads to action for Massachusetts families.