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Abstract
Oregon taxpayers can receive an annual state income tax deduction on contributions, and any earnings are free from federal and state income taxes.
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Lane PR
Jane Taber, 503-546-7888
The Oregon College Savings Plan has partnered with the Oregon State Library and the Oregon Library Association to introduce "Dive into Saving for College." "Dive into Saving for College" encourages kids and teens to participate in their local library's Summer Reading program and enter for a chance to win a $1,000 Oregon College Savings Plan account.
The annual Summer Reading Program kicks off in public libraries across the state this month and continues through August. The program is free and offers Oregon youth a fun way to maintain their reading skills and prepare for the coming school year during summer break.
"We are thrilled to partner with the Oregon State Library and the Oregon Library Association to encourage children across the state to read year-round," said Michael Parker of the Oregon 529 College Savings Network. "Regular reading is a proven way of increasing children's academic performance and helps them prepare for higher education."
How it works
-- Oregon parents (or legal guardians) are encouraged to enroll their children in the 2010 Summer Reading Program at their local public library;
-- The parent or guardian of each child participating in the Summer Reading Program is invited to enter for a chance to win a $1000 Oregon College Savings Plan account;
-- Parents should simply complete the short postage-paid entry form and drop it in the mail;
-- All entries must be received by Aug. 24, 2010;
-- 15 winners, three from each Oregon congressional district, will be selected in a random drawing;
-- Winners will be announced in the fall of 2010.
Oregon's public libraries have an opportunity to win too. For each child who wins $1,000, their public library will receive $500. For more information and official rules, visit www.OregonCollegeSavings.com/library.*
About The Oregon College Savings Plan:
The Oregon College Savings Plan, which is part of the Oregon 529 College Savings Network, launched in January 2001 and has grown to more than $500 million in assets as of March 31, 2010. Oregon taxpayers can receive an annual state income tax deduction on contributions, and any earnings are free from federal and state income taxes. Withdrawals are also tax-free as long as they are used for qualified higher-education expenses, including tuition, certain room and board, books and required fees. An account can be opened for as little as $25 or $15 per pay period by payroll deduction. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866-772-8464.
*No purchase necessary. Void where prohibited.
Please review the Disclosure Booklet for more information. Investments in the Plan are neither insured nor guaranteed and there is a risk of investment loss. Account value will fluctuate based upon a number of factors, including general market conditions.
Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.
The tax information contained herein was written to support the promotion and marketing of the Plan and was neither written nor intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding federal or state taxes or penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances.
Nonqualified withdrawals may be subject to federal and state taxes and an additional 10% federal tax.
The Oregon College Savings Plan is administered by the State of Oregon. TIAA-CREF Tuition Financing, Inc. is the Plan Manager.
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