MADISON, Wis. (AP) -- A proposal that would allow maximum contributions to a state college savings plan to increase based on inflation is up for a vote in the state Assembly.
The bill scheduled to pass Thursday would also allow 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 used to cover a child's qualified education costs. The bill would allow anyone, not just family members, to contribute to a child's account.
The measure would also tie the current tax deduction for making a qualifying investment to the rate of inflation. Under current law, qualifying contributions are eligible for a tax deduction up to $3,000 a year.
The bill passed the Senate unanimously in January.