Recent State News
State launches CHET Dream Big! competition for students
State Treasurer Shawn T. Wooden recently launched the 2019 Dream Big! college-savings competition that will award up to $1,000 each to 48 students in grades K-8. 48 students in grades K-8.Four students will be awarded a grand prize of $1,000, while the others will be awarded $500. A total of $26,000 will be awarded statewide to 48 students in the form of a contribution to a new or existing CHET account.
Assets and accounts on the rise for Bright Start, Bright Directions
Assets of Bright Start and Bright Directions – which differ only in the investment options offered – reached $10.4 billion in December. The programs have also seen a 40 percent increase in accounts over the past 4 years, and 52,000 of the total 625,000 accounts were added in 2018 alone.
State Income Tax Credit Now Available for Colorado Employer Contributions to CollegeInvest 529 College Savings Accounts
The Working Families College Savings Act, passed by the Colorado Legislature in 2018 and in effect as of January 1, 2019, provides an innovative resource for Colorado employers to boost their employees’ CollegeInvest 529 savings accounts.The new plan offers a Colorado tax credit for employers who make contributions to CollegeInvest savings plans owned by their employees. The accounts can be used by any beneficiary including children, grandchildren, nieces, nephews, even for the employee’s own higher education goals. The available tax credit is 20% of the amount contributed to a CollegeInvest 529 account, up to $2,500 per employee.