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State Representative Tom Hackbarth
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-2439
For more information contact: Austin Bleess 651-296-5529
NEWS COLUMN
THE BEST BACK-TO-SCHOOL INVESTMENT YOU CAN MAKE
By State Rep. Tom Hackbarth,
District 48A
After a long summer, I bet many parents are eyeing the calendar, looking at that magical day that signals the start of school. Many parents of elementary age kids are preparing for another round of back-to-school shopping. For all the things you do to get your child ready for school, consider making a $25 down payment to ready your child for college.
Some five years ago, the state created the Minnesota College Savings Plan, a unique tax-free investment plan to encourage individuals and families to save for college. You can start an account for your child with as little as $25. Contributions to this “527” plan accumulate free of federal and Minnesota incomes taxes, and withdrawals for qualified expenses such as tuition and certain room and board expenses are also tax free.
Parents, grandparents and others regardless of residency can open an account on behalf of a child who will attend college sometime in the future. Since it began, Minnesota’s College Savings Plan has been popular and growing. As of March 31, 2005, assets in the plan totaled $315 million, up 42 percent since March 2004.
I know it’s difficult to think about your child’s college plans when he or she may still be working with a box of crayons. However, for just the cost of two or three pizzas, you can begin saving for your child’s future now. It’s a smart investment and worth looking into. The Minnesota College Savings Plan has a web site (www.mnsaves.org) that has much more information. You can also call the office toll-free at 1-877-338-4646 if you have questions.
Rep. Hackbarth is the state representative for House District 48A which includes Elk River, Burns Township, Oak Grove, Bethel and East Bethel
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