529 PLANS

529 News

Pennsylvanians can now deduct contributions to any 529 plan

(July 5, 2006) - Pennsylvania Governor Edward Rendell signed a budget bill on July 2, 2006 that provides a Pennsylvania income tax deduction for contributions to any 529 plan. The annual contribution limit is tied to the federal gift tax annual exclusion amount, currently $12,000. In addition, qualified distributions and rollovers from any 529 plan are excluded from Pennsylvania income, removing the disparity that previously existed. The effective date appears to be January 1, 2006.

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