Michigan State Treasurer Robert J. Kleine today commended Congress for making permanent the federal tax exemption for Section 529 plans, which was due to expire in 2010. This benefits parents, grandparents, and others who invest in either the Michigan Education Trust or Michigan Education Savings Program, by maintaining tax exemptions for distributions from the programs.
"This is great news for Michigan families," said Treasurer Kleine.
"Thousands who have MET contracts and MESP accounts will experience additional savings in the years ahead. This change should also encourage more families to begin to save for the future through one of these valuable programs."