I just received a notice from NC 529 (North Carolina’s National College Savings Program), one of the best programs to help middle class families save for college. One of the big selling points of living in North Carolina and participating in NC 529 was that my contributions where eligible for a North Carolina tax deduction.
Now I find out that, although our state legislature cut taxes on the wealthy in North Carolina, people trying to save money to send their children or grandchildren to college by saving a little each year do not deserve a tax break but a tax increase. In 2014 the legislature has taken away the state tax deduction for contributions on NC 529.
I don’t remember hearing or seeing any discussion about this when legislators were talking about lowering taxes. I have now received a tax increase courtesy of our legislature. I could have chosen a number of 529 programs around the country but chose to use NC 529, particularly due to the tax break.
I am again amazed at how our state government seems to not give a damn about the people of North Carolina.
Fillmore Bowen, Cary