DIGEST OF INTRODUCED BILL
Family college savings plan tax credit. Provides a one-time income tax credit for family college savings deposits in 2000 and for deposits made in the year that the taxpayer opens an individual trust account for taxable years beginning after December 31, 2000. Provides that the credit is equal to the lesser of: (1) 10% of the aggregate of the family college savings deposited by the taxpayer for the taxpayer's dependent; or (2) $100 per dependent. Provides that the credit is deposited into the taxpayer's family college savings account. Provides that the amount of the credit may only be used for the dependent's qualified higher education expenses.