Michigan Tuition-Investment Plan Gets Favorable IRS Ruling
WASHINGTON--A favorable ruling by the Internal Revenue Service has cleared the way for implementation of Michigan's tuition-prepayment plan, the state's governor disclosed at a Congressional hearing last week.
Under the ruling, Michigan parents who pay into a state trust fund to guarantee their children's tuition at a public college or university will incur no federal tax obligation on the investments, Gov. James J. Blanchard told the Senate Finance Committee.
Vol. 07, Issue 26