529 CHET College Savings Plan = Tax Relief For Families Saving For College
by Chris Perone
May 2, 2006

State Representative Chris Perone (D-Norwalk) is pleased to announce that both the House and the Senate have passed the legislative bonding package that includes the 529 College Savings Plan Bill. In tense last minute negotiations, Rep Perone fought to keep the bill a part of the original finance package. An original co-sponsor, Rep. Perone has worked since January to make State Treasurer Denise Nappier's proposal to help Connecticut families save for college through a tax deduction on contributions to the state college savings program a reality. The legislation would allow individuals to deduct up to $5,000 of contributions, while joint filers could deduct as much as $10,000. The bill now awaits Governor Rells Signature.

"This is a win for families who are trying to save for their children's college education. For the first time, the state of Connecticut is offering a significant tax deduction for those who are saving for college through the CHET 529 plan," said Rep. Perone. "As a member of the Higher Education Committee I am committed to making it possible for every child who desires a college education have the opportunity to do so and this bill is one significant step towards making that goal a reality."

Christopher Perone is serving his first term as State Representative from the 137th Assembly District. He is a member of the Environment, Higher Education and Transportation committees.

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