MADISON, WI (WTAQ) - More people could make tax free donations to the state's college savings program, under a bill that's up for a vote in the Wisconsin Senate Wednesday.
EdVest currently allows parents, grandparents, great-grandparents, aunts, and uncles to donate to a child's college fund. The new bill would let anyone donate to a particular child's account, and get the tax benefits for doing so.
EdVest is getting more popular. The number of student accounts rose by 1.6 percent in the last fiscal year to almost a quarter-million.
The total amount of money into those accounts jumped by 14 percent last year, to $3.3 billion.
Republicans sponsored the bill to expand EdVest contribution eligibility. If it's approved, it would go to the Assembly.
(Story courtesy of Wheeler News Service)