Now more than ever, families are investing in an Indiana CollegeChoice 529 Savings Plan to help their child pay for education and training after high school. This savings plan has traditionally been used to pay for college and technical school tuition. Fortunately, Hoosier families can now use these funds for qualified apprenticeship programs. The additional flexibility can provide even more young Hoosiers the opportunity to pursue their passion.
More than 6,100 families in Crawford, Dubois, Orange, Perry and Spencer counties are already taking advantage of this tax-free investment to help students pay for higher education. CollegeChoice 529 accounts allow parents, grandparents, aunts, uncles and friends, to save for a child's education expenses at any eligible school. The savings can grow to any amount, and as long as the money is withdrawn to pay for expenses like tuition, room and board, books, computers and fees, it will not be taxed. Additionally, an annual state income tax credit up to $1,000 or equal to 20 percent of contributions may also be available for Indiana taxpayers.
As more students explore trade schools and vocational training, they also deserve the option utilize a College529 Savings Plan to pay for their schooling. Indiana is working hard to skill up its workforce and fill thousands of high-paying, in-demand positions across the state. To fill these jobs, trade or apprenticeship experience is often needed and expanding the eligibility for this savings plan is a great step forward.
House District 74 has saved a combined total of more than $78.5 million in CollegeChoice 529 Savings Plans. The statewide total is nearly $6 billion in savings. To open an account, visit CollegeChoiceDirect.com and click "Enroll Now."
Hoosiers can utilize the CollegeChoice 529 Savings Plan to invest in a child's education whether they choose to pursue an undergraduate degree, apprenticeship program or more. For more information about this investment opportunity, visit CollegeChoiceDirect.com. Please contact me with any questions, thoughts or input by emailing h74@iga.in.gov or by calling 317-232-9802.
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State Rep. Stephen Bartels (R-Eckerty) represents House District 74,
which includes portions of Spencer, Dubois, Perry, Crawford and Orange counties.
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