State Lawmakers Approve Bill to Increase Tax-Free College Savings Account Limit

A bill headed to Governor Snyder’s desk could set aside more money for the state’s tax-free college savings accounts, also known as 529 accounts.

Right now, the maximum account balance is $235,000.

If signed, the limit would go up to $500,000.

The bill is part of a package that lets those with disabilities open savings accounts to pay for long term needs.