BOISE — Idahoans can benefit from a larger state income tax deduction for using IDeal, Idaho’s 529 college savings program.
State legislators passed a bill increasing the deduction amount. Legislation was signed March 20 by Gov. C.L. “Butch” Otter.
“The new and higher tax deduction is in response to rising tuition and fees, which have increased on average by 189 percent since 2000, when the original tax deduction went into effect,” according to a statement from the college savings program.
When Idahoans file their 2017 taxes next year, the maximum deduction amount will increase from $4,000 to $6,000 for individual filers, and from $8,000 to $12,000 for married doubles filing jointly.
For more information, visit idsaves.org.