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Tax Attorney Information |
Take Advantage of College Illinois! Application Discount, 2005 Tax Deduction Through Dec. 31
SPRINGFIELD, Ill., Dec. 29 /PRNewswire/ -- Parents and grandparents have just hours left to take advantage of a discount offered by the state's 529 prepaid tuition program, College Illinois!. Those who enroll a child in College Illinois! through Dec. 31 will receive a discount off of the program's application fee.
College Illinois! is a smart, secure way to pay for a child's future college education. By prepaying college tuition and fees through the plan now, families are able to protect a child's future college education from tuition inflation.
In addition, anyone who makes a contribution to a College Illinois! plan through Dec. 31 is eligible for a 2005 state income tax deduction.
WHAT: Parents and grandparents are encouraged to take advantage of the
application discount College Illinois! is offering through Dec.
31, 2005. Illinois taxpayers can also deduct 2005 contributions
to the prepaid tuition plan (up to $10,000 per year for singles;
$20,000 for married couples) from their taxable income. The
program's earnings are 100 percent tax exempt.
WHERE: Apply online in less than 10 minutes at the program's Web site,
collegeillinois.com or via mail postmarked prior to midnight,
Dec. 31.
NOTES: - Plan benefits can be used at public and private colleges or
universities and community colleges in Illinois as well as
public and private institutions nationwide.
- Unlike other investments and savings plans that rely on stock
market performance, College Illinois! is backed by the state
of Illinois, providing families with a secure option for
paying for college.
- To learn more, visit collegeillinois.com . College Illinois!
is open for enrollment through April 3, 2006.
Web site: http://www.collegeillinois.com
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