Illinois class action suit to test in-state tax benefits
Maryam Ahmad has filed a class action complaint in the Circuit Court of Cook County against the Illinois Department of Revenue and its Director, alleging that the state's restriction of a deduction for 529 contributions to its in-state 529 plans is unconstitutional.
Thirty other states have restrictions similar to Illinois relating to their deductions or credits for 529 contributions, and are presumably exposed to similar challenges in the wake of the U.S. Supreme Court's recent decision to review a Kentucky case involving state exemptions for interest income on in-state municipal bonds.
Click here to view an article discussing the Illinois action by Len Weiser-Varon of the Mintz Levin law firm.
Return to 529 News centerThirty other states have restrictions similar to Illinois relating to their deductions or credits for 529 contributions, and are presumably exposed to similar challenges in the wake of the U.S. Supreme Court's recent decision to review a Kentucky case involving state exemptions for interest income on in-state municipal bonds.
Click here to view an article discussing the Illinois action by Len Weiser-Varon of the Mintz Levin law firm.