Hassan, Collins propose college savings legislation
CONCORD, N.H. (AP) — Families who save for college would get tax cuts plus the option to roll unused savings into a child's retirement account under a bipartisan bill sponsored by U.S. Sens. Maggie Hassan of New Hampshire and Susan Collins of Maine.
Their proposal would provide a tax credit that covers 50% of the contributions low- and middle-income families contribute to 529 Plan college savings accounts.
It also would allow those who don't use the funds to roll them into a Roth IRA retirement account.
The senators say 529 plans are a great option, but uncertainty about whether children will choose college can be a deterrent to opening an account.