Farmer Criticizes College Savings Legislation
Jefferson City, MO – Democratic State Treasurer Nancy Farmer is criticizing Republican efforts to expand Missouri's college savings program.
There's now a state income tax deduction for investing in the Missouri Savings for Tuition Program.
Senator Anita Yeckel and House member Blaine Luetkemeyer are sponsoring bills to extend the tax break to people who invest in college savings programs run by other states.
It also would cover special certificate-of-deposit programs.
Yeckel and Luetkemeyer, who are both running for state treasurer, say the change would offer more choice.
But Farmer says it mainly would benifit stock brokers. And she says it could jeopardize Missouri's own college savings plan.
Farmer is running for U.S. Senate this year, instead of treasurer.