Under current law, as affected by
2009 Wisconsin Act 28 (the biennial budget
act), there is a college tuition and expenses program, commonly referred to as
"EdVest I," under which a contributor may purchase "tuition units" that can be used
to pay qualified educational costs on behalf of a beneficiary. The purchase of the units
is limited to parents, grandparents, aunts, uncles, legal guardians, trusts created on
behalf of a beneficiary, or individuals purchasing units for their own use.
Contributions made to an account set up under the program, up to a limit of $3,000
each year for each beneficiary, may be deducted from a contributor's income in the
calculation of his or her income taxes if the beneficiary of the account is one of the
following: the claimant; the claimant's child; the claimant's grandchild; the
claimant's great-grandchild; or the claimant's niece or nephew.
Also, under current law, as affected by the biennial budget act, there exists a
college savings program, commonly referred to as "EdVest II," under which anyone
may open an account for a prospective student, regardless of the contributor's
relationship to the beneficiary. Individuals may open accounts for themselves, and
a prospective student may be the beneficiary of more than one college savings
account. Contributions made to an account set up under the program, up to a limit
of $3,000 each year for each beneficiary, may be deducted from a contributor's income
in the calculation of his or her income taxes if the beneficiary of the account is one
of the following: the claimant; the claimant's child; the claimant's grandchild; the
claimant's great-grandchild; or the claimant's niece or nephew.
AB135-ASA3,2,63
71.05
(6) (b) 32. (intro.) An amount paid into a college savings account, as
4described in s. 14.64,
if the beneficiary of the account is one of the following: the
5claimant; the claimant's child; the claimant's grandchild; the claimant's
6great-grandchild; or the claimant's niece or nephew; calculated as follows:
AB135-ASA3,2,139
71.05
(6) (b) 33. (intro.) An amount paid into a college tuition and expenses
10program, as described in s. 14.63
, if the beneficiary of the account is one of the
11following: the claimant; the claimant's child; the claimant's grandchild; the
12claimant's great-grandchild; or the claimant's niece or nephew; calculated as
13follows:
AB135-ASA3,2,1515
(1) This act first applies to taxable years beginning on January 1, 2010.