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Tax credit for college savings faces Democratic opposition

February 23, 2004
By: Paul C. Matadeen
State Capital Bureau

A proposal to simplify an $8,000 tax credit for college savings faces opposition from Democratic lawmakers.

Paul Matadeen tells why one Missouri representive doesn't want the program to grow.

Story: MOST WRAP
RunTime: APPROX. 40
OutCue: SOC

House Democrat Ken Jacobs says the state developed a college savings tax credit with low-income families in mind.

Families can only get the eight-thousand dollar tax credit if they open an account with a single state-appointed company, but a new bill would expand the savings to other state banks and broker firms.

Jacobs says expanding the program would cost the state too much money.

Actuality: JACOBS BITE
RunTime: :11
OutCue: "...TO RAISE TUITIONS
Contents: "YOU'RE GIVING TOO MANY TAX DEDUCTIONS TO TOO MANY PEOPLE WHICH MEANS YOU HAVE LESS REVENUE WHICH MEANS YOU HAVE LESS RESOURCES TO GIVE TO COLLEGES WHICH MEANS YOU HAVE TO RAISE TUITIONS."

Anita Yeckel, the bill's sponsor, says the the bill's cost, an estimated 15-million dollars, is well worth the benifit of having more students in college.

From the state Capitol, this is Paul Matadeen.

-=UPDATE 2=-

A proposal to make it easier to get tax credit when saving for college is under Democratic scrutiny.

Paul Matadeen tells why House Republican Anita Yeckel is proposing a bill that could save families over $8,000 for the second year in a row.

Story:MOST 2 WRAP
RunTime:
OutCue: SOC

Representative Anita Yeckel says she wants to see more opportunities for Missourians to save for college.

She introduced a bill in January that expands the number of companies offering tax incentives for college savings from one to many.

Yeckel says families deserve a sense of security when the they save for college.

Actuality: YECKEL2.WAV
RunTime: :08
OutCue: "...HIS ADVICE."
Contents: "WITH ALL THIS STUFF THAT'S BEEN GOING ON WITH MUTUAL FUNDS, IT'S NICE TO SIT ACROSS THE TABLE WITH YOUR BROKER, AND TAKE HIS ADVICE."

House Democrat Ken Jacob says the program remains small because it was intended for low-income families.

Yeckel says she believes the current system is complicated, and sometimes inaccessable because most of it is only available online.

From the state capitol, this is Paul Matadeen.

-=UPDATE 3=-

A bill to increase the amount of people who would get tax credits when saving for college is under fire by one House Democrat.

Paul Matadeen tells why some are calling the expansion a waste of money.

Story:MOST WRAP 3
RunTime: APPROX. :40
OutCue: SOC

St. Louis Republican Anita Yeckel says her proposal would expand the agencies that could offer a tax credit to local banks and brokers.

Right now, only one mutual fund broker can offer the tax credit, and she says people should be able to choose where to put their money.

Actuality: YECKEL1.WAV 2
RunTime: :12
OutCue: "...THAT ADVANTAGE."
Contents: "IF YOU KNOW KNOW JOHN, AND HE'S BEEN YOUR BROKER, JOHN PROBABLY WONT TAKE YOU TO THE CLEANERS AND YOU HAVE THAT ADVANTAGE."

Democratic Rep. Ken Jacob says expanding the program would cause high-income families to benifit from a program that was intended to help those with low incomes.

Yeckel says the current system is complicated, and often inaccessable because most of it is only available on the internet.

From the state Capitol, this is Paul Matadeen.