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Illinois 529 tax challenge is dropped

(June 12, 2008) - Dow Jones Newswires reports that a suit brought against the state of Illinois challenging the state's ability to restrict its tax deduction for 529 contributions to the in-state 529 plan has been dropped (Ahmad v. Illinois). This comes in the wake of the U.S. Supreme Court in Davis v. Kentucky upholding the state's right to discriminate against non-Kentucky municipal bonds under the state's income tax laws.

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