Co-Sponsorship Memo Details

I am writing to ask you to join me as a co-sponsor of a bill to improve the ability of parents and grandparents to provide for their descendants’ college education in their will. 

This legislation would exempt from the state Inheritance Tax all transfers from a deceased person’s estate to a 529 College Savings Account in the name of a child or grandchild.  Under current law, these transfers would otherwise be subject to a 4.5% tax rate.

In a time where access to higher education continues to be an issue for many families, children and grandchildren should be able to receive the maximum benefit from funds left specifically for their education.