State Treasurer Richard Mourdock, Chairman of the Indiana Education Savings Authority, reminds Hoosiers that to be eligible for the CollegeChoice 529 state income tax credit, their contributions must be received by Dec. 31.
“What better gift can one give to your kids or grandkids than the gift of an education?” stated Treasurer Mourdock. “The latest game box or tablet might be fun, but it’s short-lived. A post-secondary education is priceless and lasts a lifetime.”
Hoosiers who contribute to a CollegeChoice 529 Savings Plan before the deadline are eligible to receive a 20% state income tax credit, of up to $1,000, based on their contributions. Any Indiana taxpayer who makes a contribution is eligible to receive the tax credit.
Indiana’s 529 Savings Plans are tax-advantaged educational savings programs that provide Hoosiers an affordable, flexible way to save for post-secondary education expenses. Since 2007, the 529 Savings Plans have experienced over 1,000 % growth in assets and accounts.
Currently, there are over 200,000 Hoosiers saving in Indiana’s 529 Plans with over $2.5 billion in assets under management.
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