HB 2226 -- MISSOURI HIGHER EDUCATION SAVINGS PROGRAM

SPONSOR:  Muschany

COMMITTEE ACTION:  Voted "do pass by consent" by the Special
Committee on Student Achievement by a vote of 7 to 0.

Currently, the annual limit on contributions to the Missouri
Higher Education Savings Program is $8,000 per taxpayer.  This
bill clarifies that a married couple filing jointly may
contribute up to $16,000.

FISCAL NOTE:  No impact on state funds in FY 2009, FY 2010, and
FY 2011.

PROPONENTS:  Supporters say that the Department of Revenue
requires additional documentation to claim the $16,000 amount
which is consistent with earlier interpretations made by the
department.  The bill will clarify the law's intent and
streamline the process.

Testifying for the bill were Representative Muschany; Securities
Industry and Financial Markets Association; Office of the State
Treasurer.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:12 pm