By Kelly O'Connell Reporter
Associated Press
MONTGOMERY, Ala. (AP) - The state Legislature is ready toAssociated Press
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Stumble It!provide a tax break to Alabama parents who save for their
children's college expenses.
The Alabama Senate voted 28-0 Thursday to give final passage to
the tax break legislation. The bill passed the House earlier and
now goes to the governor for signing into law.
The tax break bill would provide a state income tax deduction
for Alabama families making a contribution of up to $5,000 per year
to either of Alabama's two state-sponsored college savings plan.
But for the tax break to take effect, the Senate also has to
pass a separate bill that would require out-of-state residents to
withhold taxes from the sale of property in Alabama at the time of
the transaction rather than paying it later.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
