529 PLANS

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Nebraska hikes 529 tax deduction limit

(May 30, 2007) - Nebraska Gov. Dave Heineman has signed LB 338 into law, increasing the annual deduction cap on the Nebraska state income tax deduction for contributions to a Nebraska 529 plan.

The deduction increases from $500 to $2,500 for married taxpayers filing separate returns, and from $1,000 to $5,000 for all others. The change is effective beginning with the 2007 tax year.

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