Walker signs bill increasing college contributions
By Associated Press
File photo. (MGN)
MADISON, Wis. (AP) - Gov. Scott Walker has signed into law a bill that allows maximum contributions to a state college savings plan to increase based on inflation.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.
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