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Vermont adopts tax credit for 529 contributions

(June 16, 2003) - Gov. Jim Douglas R-Vermont has signed legislation (H 141) providing a nonrefundable tax credit to Vermont taxpayers making contributions to the Vermont Higher Education Investment Plan. The credit amount is 5% of annual contributions of up to $2,000 per beneficiary, effective for contributions after 2003. The credit is subject to recapture with future non-qualified withdrawals.

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