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Illinois law provides for a state income tax deduction for moneys paid into College Illinois!® 529 prepaid tuition plans during the taxable year, except for the earnings potion of rollovers. This deduction combined with the deduction for Bright Start Savings contributions is capped at $10,000 year for individuals and $20,000 each year for married couples. Additionally, proceeds from parent-owned College Illinois!® contracts, Bright Start Savings Accounts and college saving bonds are not considered when determining financial need for college. For additional information on this program, these materials are available:
To order materials or for more information, contact College Illinois!® at 877.877.3724 or by email at collill@isac.org |
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