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Raleigh, N.C. (August 2, 2007) - The state tax deduction for North
Carolina's 529 college savings plan has been
expanded by the N.C. General Assembly and signed into
law by Gov. Mike Easley.
For tax year 2007, North Carolina taxpayers making contributions
to North Carolina's National College Savings Program can deduct
contributions of up to $2,500 for an individual and $5,000 for a
married couple filing jointly. The adjusted gross income limits
no longer apply.
NC income tax forms may reference contributions made to an
account in the Parental Savings Trust Fund of the State Education
Assistance Authority, which is the trust fund that holds all the
assets of North Carolina's National College Savings Program.
Contributors to NC's 529 plan should consult a financial, tax or
other advisor to learn more about how this deduction will apply to
their particular circumstances.
In addition, the August 2007 edition of Money magazine named
North Carolina's 529 plan a "top choice" for North Carolina
residents, based on reasonable expenses and a tax break on contributions.
North Carolina's National College Savings Program currently offers
15 investment alternatives. Options range from conservative to aggressive.
Individual investment options include the N.C. Treasurer Dependable
Income Fund, MetLife Protected Stock Fund, Wachovia/Evergreen Balanced Fund,
NCM Capital Aggressive Stock Fund, and seven Vanguard individual investments.
There are two age-based investment options, the Seligman CollegeHorizonFunds
and three Vanguard Age-based Options
For more information or to enroll, visit www.NC529.org,
or call College Foundation of North Carolina (CFNC) for
more on the savings program, toll free at 800-600-3453.
The availability of tax benefits may be conditioned on meeting certain requirements.
To learn about North Carolina's National College Savings Program, its investment objectives,
risks and costs, read the Program Description available from www.NC529.com or call 800-600-3453.
Check with your or your beneficiary's home state about tax or other benefits associated
with investing in that state's qualified tuition program.
North Carolina's National College Savings Program is a program of the State of North Carolina,
established and maintained by the North Carolina State Education Assistance
Authority (Authority) as a qualified tuition program under federal tax law, and administered by
College Foundation, Inc. (CFI) with administration and record keeping
services provided by Upromise Investments, Inc. and Upromise Investment Advisors, LLC (collectively,
Upromise). Investment options are made available through NCM
Capital Management Group, LLC; J. & W. Seligman & Co. Incorporated; Wachovia Bank, N.A. through
its affiliate, Evergreen Investment Management Company, LLC; the
State Treasurer of North Carolina; Metropolitan Life Insurance Company (MetLife); and The Vanguard Group, Inc.
Vanguard is a trademark of The Vanguard Group, Inc.
CONTACT:
Ben Kittner
Market Research & PR Manager
College Foundation, Inc.
919-835-2336
bkittner@cfi.org
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