Open and contribute to an account on or before December 31, 2018, for 2018 Illinois tax benefits.1 Contributions are eligible for the Illinois state income tax deduction ($10,000 individual and $20,000 married filing jointly).
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Funds are easy to withdraw and can be used for accredited post-secondary public or private schools.
The tax reform bill signed into law on December 22, 2017 includes several provisions related to 529 plans.
529 Plans offer a tax-advantaged way to save for college. Starting early and putting away even a small amount of money each month can have a huge impact on future educational expenses.Calculate Now
Accounts can be opened by almost anyone, including individuals, UGMA/UTMA custodians, certain legal entities, or a trust. There are no income or residency requirements.
The Bright Start Direct-Sold College Savings Program is sponsored by the State of Illinois and administered by the Illinois State Treasurer, as Trustee. Union Bank & Trust Company serves as Program Manager. Investments in the Bright Start Direct-Sold College Savings Program are not guaranteed or insured by the State of Illinois, the Illinois State Treasurer, Union Bank & Trust Company, the Federal Deposit Insurance Corporation, or any other entity.
An investor should consider the investment objectives, risks, and charges and expenses before investing. This and other important information is contained in the Bright Start Direct-Sold College Savings Program Disclosure Statement which can be obtained at BrightStartSavings.com and should be read carefully before investing. You can lose money by investing in a portfolio. Each of the portfolios involves investment risks, which are described in the Program Disclosure Statement.
Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s 529 plan.
Not FDIC Insured | No Bank Guarantee | May Lose Value1Individuals who file individual Illinois state income tax returns can deduct up to $10,000 per tax year ($20,000 if filing jointly) for their total, combined contributions to the Bright Directions College Savings Program, the Bright Start College Savings Program, and CollegeIllinois! during that tax year. The $10,000 (individual) and $20,000 (joint) limit on deductions will apply to total contributions made without regard to whether the contributions are made to a single account or more than one account. The amount of any deduction previously taken for Illinois income tax purposes is subject to recapture in the event an Account Owner takes a Nonqualified Withdrawal from an Account or if such assets are rolled over to a non-Illinois 529 plan.