Governor Riley Celebrates Passage of New Law that Helps Families Save for College

FROM THE OFFICE OF THE GOVERNOR

June 19, 2008

MONTGOMERY - Governor Bob Riley, State Treasurer Kay Ivey and Dr. Greg Fitch, Executive Director of the Alabama Commission on Higher Education, celebrated the passage of legislation that gives families a tax break when they contribute to the state’s two college savings plans.

The new law provides a state income tax deduction of up to $5,000 per year for money put in the state’s Prepaid Affordable College Tuition plan or the state’s Higher Education 529 Fund. The new law is retroactive to Jan. 1, 2008.