An ESA is another savings program for educational expenses which can be set up for kids under 18 years of age. The annual contribution limit is $2,000 per child.
When ESA’s were created they were named Educational IRAs and limited to a $500 contribution. With a name change they became the Coverdell Education Savings Accounts.
Massachusetts retailers are calling the recent sales tax holiday a huge success, though state tax officials estimate that it could cost the state $20 million to $25 million in potential revenue.
Massachusetts merchants are hoping this weekend’s sales tax holiday will give them a much needed boost from the late summer doldrums.