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State Income Tax Benefits for Contributions to 529 Plans ...

C o nnecticut General Assembly Office of Legislative Research Stephanie A. D Ambrose, Director (860) 240-8400 Room 5300 Legislative Office Building State Income Tax Benefits for Contributions to 529 Plans and ABLE Accounts By: Heather Poole, Principal Analyst October 6, 2021 | 2021-R-0167 Issue Provide a brief overview of 529 Plans and ABLE accounts and a 50- State survey of State Income tax deductions and credits for Contributions to them. Summary 529 Plans and ABLE accounts (also known as 529A Plans ) are tax-advantaged investment Plans designed to encourage saving for a designated beneficiary s education- or disability-related expenses. With regard to federal taxes, Contributions to these Plans and accounts are made on a post-tax basis, earnings grow tax-deferred, and withdrawals are tax-free if used for qualifying expenses. The State tax treatment of 529 plan and ABLE account earnings and withdrawals is generally the same as the federal treatment, but some states additionally provide State Income tax Benefits for Contributions to encourage participation.

Texas N/A N/A Texas does not have a state income tax Utah Yes Yes Credit equals 5% of contributions to Utah plans (For 529 plans, maximum credit is $102 for individuals and $204 for joint filers per beneficiary for 2020 tax year) Vermont No Yes Maximum credit of $250 for individuals and $500 for joint filers per beneficiary (10% of ...

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cga.ct.gov

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tax.colorado.gov

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