Klinker files bill to increase the college savings tax credit for CollegeChoice 529

During the 2024 legislative session, State Rep. Sheila Klinker (D-Lafayette) is proposing House Bill 1039 to increase the tax credit provided for a contribution to a college choice 529 education savings plan. The bill would increase the amount from $1,500 to $2,000 and from $750 to $1,000 for married individuals filing a separate return. 

Rep. Klinker released the following statement regarding her legislation: 

“Our students need help paying for post-high school education. Thousands of parents, grandparents or other close relatives are accumulating money in College Choice 529 plans to support their loved ones. We must continue to encourage youth to attend a four-year or two-year college or university, a technical school, or a post-secondary certification opportunity at a career center. 

“This session I authored House Bill 1039 to raise the tax credit by a small amount – about $500. Due to the rising cost of higher education, we must expand the tools at our youths' disposal to plan for their future. Our state has some of the best universities and colleges in the nation. I hope that we can continue to increase their affordability. We must invest in the tax credit to encourage our families to donate dollars and encourage our youth to save for their academic futures.”