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Farmer Says Legislation Threatens Tuition Program

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State Treasurer Nancy Farmer (UPI photo)

By Bill Raack, KWMU

St. Louis – Missouri State Treasurer Nancy Farmer says legislation pending in Jefferson City would doom a popular college tuition savings program.

The program, called "MOST", helps families save money for their children's college education at low cost with numerous tax benefits.

But Farmer says two bills before the General Assembly would jeopardize the program.

"If Missouri's state tax deduction is extended to 529 plans that do not have to abide by Missouri's rules - a low cost account, a low minimum deposit, state oversight - no vendor will be willing to administer our program and why would they?" Farmer said.

A sponsor of one of the bills, Republican Senator Anita Yeckel of St. Louis, says Farmer is incorrect and the legislation would give parents more investment choices when saving for college tuition.

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