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As Illinois Treasurer, Giannoulias was responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond ...
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
Originally designed for college expenses, 529 plans can now be used for K-12 tuition at private schools and apprenticeship programs. Funding a 529 plan may have immediate tax benefits in some cases.
A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future ...
In addition, Kirk immediately criticized his Democratic opponent for his management of Bright Start, an Illinois 529 college savings program and his work at Broadway Bank. [34] Immediately after the primary, the National Republican Senatorial Committee aired a web ad comparing Giannoulias to the fictional character Tony Soprano. [35]
“529 savings accounts are an incredible tool that provides savers with a combination of state income tax deductions, tax-deferred savings, and tax-free distributions for qualified educational ...