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Illinois state benefits to be reduced

(July 26, 2004) - Legislation approved by the Illinois Governor today will cap the Illinois state income tax deduction for contributions to Bright Start at $10,000 per year, and expand the deduction to include contributions to the College Illinois prepaid tuition plan, beginning in 2005. Furthermore, the provision that allows Bright Start participants to disregard account balances for Illinois state financial aid programs has been removed.

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