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Indiana's CollegeChoice 529 savings program marks 25 years since creation

Brandon Smith
IPB News
Starting when you pay your taxes in 2024, the tax credit available for CollegeChoice 529 plans will increase from $1,000 to $1,500.

Tens of thousands of Hoosiers have nearly $7 billion invested for post-high school education as Indiana’s CollegeChoice 529 program marks 25 years since its creation.

An upcoming change will also make it a little easier for parents to save.

Indiana State Treasurer Kelly Mitchell explained that CollegeChoice 529 plan investments are managed by the state as a way for people to save for their children’s education.

“All money that is growing, tax-deferred and all money that can be spent, tax-free, on qualified education expenses,” Mitchell said.

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Commissioner for Higher Education Teresa Lubbers said it’s important to note those qualified expenses don’t just mean tuition at a traditional, four-year college or university.

“For public and private education, for technical schools, certificates – it’s a full range of higher education opportunities,” Lubbers said.

And starting when you pay your taxes in 2024, the tax credit available for 529 plans will increase from $1,000 to $1,500 – the first increase since that credit was created in 2007.

Contact reporter Brandon at or follow him on Twitter at @brandonjsmith5.

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Brandon Smith is excited to be working for public radio in Indiana. He has previously worked in public radio as a reporter and anchor in mid-Missouri for KBIA Radio out of Columbia. Prior to that, he worked for WSPY Radio in Plano, Illinois as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, Missouri, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.