Connecticut governor approves state tax deduction for 529 contributions

Connecticut's governor has signed legislation providing a Connecticut state income tax deduction for contributions into Connecticut's 529 plan of up to $5,000 per year for an individual and $10,000 per year for a married couple filing jointly. The deduction is first available for the 2006 tax year. Contributions in excess of the annual cap are able to be carried over for up to five successive years.
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