Oregon College Savings Plan

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Celebrating College Savings Month

Families are also reminded to take advantage of the 2013 state tax deduction deadline by investing prior to April 15, 2014
Apr 15, 2014

SALEM, ORE — March is College Savings Month in Oregon and the Oregon College Savings Plan is using the opportunity to promote Reading is an Investment, a free literacy and financial education program. Reading is an Investment highlights the importance of reading among elementary school children while also teaching basic financial concepts.

“College Savings Month is an excellent platform for the Oregon College Savings Plan to support literacy in the state, which often correlates to attending college,” explained Michael Parker, executive director of the Oregon 529 College Savings Network. “It also underscores our goal of sharing the message that investing in education, especially at an early age, is a smart financial move.”

Parents, guardians and teachers are encouraged to enroll their children/students in the Reading is an Investment program, either on their own or as part of a classroom project. A reading list, compiled by elementary school teachers, provides suggestions about what to read, and is available for download at ReadingIsAnInvestment.com along with official entry forms and reading logs. A prize packet and certificate of achievement will be awarded for each entry form/reading log submitted, and entrants will be automatically entered into a random drawing to win one of fifty (50) $529 Oregon College Savings Plan accounts at the end of the 2014 school year. Each winner's school will also win $500. For official rules and prize details, visit ReadingIsAnInvestment.com.*

The Oregon College Savings Plan will promote Reading is an Investment at Kid's Day at the High Desert Museum in Bend on March 26, at the Oregon Coast Aquarium on March 28, and at the Alpenrose Dairy Annual Easter Egg Hunt in Portland on April 19. Representatives will be on hand to discuss and answer any questions about both Reading is an Investment and the 529 plan, as well as distribute materials and give away prizes.

The Oregon College Savings Plan also wants to remind families that if they invest prior to April 15 of this year, they can still take advantage of the 2013 state tax deduction deadline. The tax advantages built into the Oregon College Savings Plan can make it an important part of an overall college funding strategy. Any earnings in the Oregon College Savings Plan used to pay for qualified higher education expenses are federal and Oregon state income tax?free. Oregon taxpayers, regardless of income, may deduct up to $4,455 for taxpayers who file a joint 2013 return, and there is up to a $2,225 state income tax deduction for all other filers. Taxpayers must file on or before April 15, 2014 to receive a 2013 deduction. (Recapture provisions apply. See the Disclosure Booklet for details.)

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