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PRESS RELEASEOffice of Missouri State
Treasurer |
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PRESS RELEASEOffice of Missouri State
Treasurer |
JEFFERSON CITY – Treasurer Sarah Steelman and Gov. Matt Blunt today conducted a ceremony on the Capitol steps to designate September as College Savings Month in Missouri to encourage more Missouri families to invest for college through the state’s tax advantaged MOST Savings Program.
“All parents want their children to succeed, and college is essential to helping Missouri’s young people meet their full potential,” Steelman said. “The MOST plan provides a real advantage to help working Missouri families save for their children’s college education.”
In the ceremony, Steelman and Blunt were joined by First Lady Melanie Blunt, and six-month old Branch Blunt, for whom the occasion was his first public appearance before the press.
The Governor and his wife opened a 529 account for Branch during the ceremony to demonstrate how easy it is to begin saving for college through the state’s tax advantaged MOST program.
Also participating in the ceremony were students from St. Peter’s School in Jefferson City, St. Joseph’s School in Westphalia and St. Joseph’s Cathedral in Jefferson City. The students and statewide officials were joined by state lawmakers and members of the Missouri Higher Education Savings Board, which oversees the MOST program.
Under the MOST program, individuals can contribute up to $8,000 per year and married couples filing jointly can contribute up to $16,000 per year to a MOST account or accounts. These contributions are not included in the adjusted gross income on which state income taxes are calculated.
In addition, earnings on those investment accounts are not subject to state or federal taxes if they are spent on qualified higher education expenses.
“This is an excellent program to help Missouri families get an early start on saving for college,” Steelman said. “It is easy and available to every family in our state.”
Information on the MOST program is available by calling 1-888-414-MOST (1-888-414-6678) or by visiting the MOST website at http://www.missourimost.org .