529 PLANS

529 News

Illinois gives tax credit to employers for 529 matching contributions

(August 13, 2009) - Illinois Governor Quinn has signed a bill (SB 77) that provides an employer with an Illinois tax credit when the employer matches the employee's contributions to an Illinois 529 plan. The credit is calculated at the rate of 25% on matching contributions with a maximum annual credit of $500 per employee. Unused credits can be carried forward for 5 years. The credit is effective for years 2010 through 2020.

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