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Gov McCrory, NC General Assembly make it harder to save for college starting Jan 1

Posted By Adam Searing On November 18, 2013 @ 8:53 am In Uncategorized | Comments Disabled

North Carolina National College Savings PlanJust it case you missed this tidbit from last years tax “reform” law. This is the law that increased taxes on the bottom 80% of taxpayers [1], decreased taxes for the top 20%, and kept loopholes like the $1500 sales tax cap on yachts.   It eliminated the “back to school” sales tax holiday and increased a wide variety of fees.  In fact there were so many changes, you might have missed this one.  People saving for their kid’s college expenses through NC’s “529” college savings plan used to be able to get a state tax deduction on the first $2,500 of contributions to the plan each year.  No more, as NC’s 529 plan informed savers this morning:

Legislation enacted by the North Carolina General Assembly (G.S. §105-134.6) which will go into effect January 1, 2014 repeals the NC 529 state tax deduction on Contributions.

I guess it isn’t enough just to cut K-12 education funding.  We’ve also got to make it harder for families to save for college.  At what point to people get mad about this? This Governor and this legislature aren’t for helping families. They are for helping the rich in this state and helping themselves.


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URL to article: http://pulse.ncpolicywatch.org/2013/11/18/gov-mccrory-nc-general-assembly-make-it-harder-to-save-for-college-starting-jan-1/

URLs in this post:

[1] increased taxes on the bottom 80% of taxpayers: http://www.ncjustice.org/sites/default/files/BTC%20Reports%20-%20%20Final%20Tax%20Plan2013.pdf

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