Give a lasting gift. Get a VT tax credit.
Whatever the age of your kids (or grandkids), Vermont’s 529 savings plan can help you create education opportunities for them … and offers you federal and state tax benefits.
Just about any job your children or loved ones aspire to will require some form of college or training after high school. Saving now for that education with VT529 is a smart way to prepare. As Vermont’s official 529 savings program, it is the only plan that offers a 10% Vermont state income tax credit. Contributions deposited into a VT529 account during 2022 (by December 31) are eligible.
It’s easy to give a gift that lasts beyond the holidays.
- Open an account with just $25.
- Contribute any amount into an existing account.
- Purchase a VSAC Gift of College gift card.
VT529 funds can be used for apprenticeships and student loan repayment, too!
The Vermont tax law has been updated to add the two new allowable use of funds withdrawn from a VT529 account without adverse impact on the Vermont income tax credit: (1) for apprenticeship programs registered and certified with the U.S. Secretary of Labor and (2) for repayment of up to $10,000 per the lifetime of a beneficiary in student loans for post-secondary education at an approved postsecondary education institution. See the news video and watch the recent “You Can Quote Me” segment with VSAC President Scott Giles.