The bill Walker signed Tuesday also allows more people to contribute to the program.
The EdVest program currently allows parents, grandparents, great-grandparents, aunts and uncles to make tax-deductible contributions to accounts to cover a child's college costs. The new law allows anyone, not just family members, to contribute to an account.
The new law also ties the current tax deduction for making a qualifying investment to the rate of inflation. Under previous law, qualifying contributions are eligible for a tax deduction up to $3,000 a year.