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SAVINGS: Treasury suggests changes to 529 plans

The Treasury Department included recommended changes to Section 529 college savings plans in a report it issued last month.

The Treasury Department included recommended changes to Section 529 college savings plans in a report it issued last month. The recommendations include changing caps on account amounts to be per beneficiary instead of per beneficiary per state and eliminating the so-called home state bias. Currently, some states give a tax credit to residents who invest in their own state’s plan but not to out-of-state residents. For a look at the report, visit treas.gov/offices/economic-policy/reports/09092009TreasuryReportSection529.pdf.

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