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Idaho college savings program reports account growth, employer tax-credit use and Roth rollover activity
Summary
Dawn Hall, executive director of Idaho's college savings program, told the committee the program increased new accounts in 2024, employers are using a voluntary tax credit for contributions, and account holders used a new Roth-IRA rollover option 81 times in 2024 for about $497,000 total.
Dawn Hall, executive director of the Idaho College Savings Program (IDEAL), updated the House Education Committee on the program's outreach, account growth and product features.
Hall described the program as a tax-advantaged savings vehicle for education, akin to "a Roth IRA for education," and said the program is authorized under state statute (Title 33, Chapter 54) and aligns with federal Section 529 rules for college savings accounts.
Hall said the program saw a 14 percent increase in new accounts in 2024 and reported increased gift activity from family and…
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