May 19, 2000

College-Savings Plans Win Bid for Tax Breaks

By PETER SCHMIDT

The Internal Revenue Service has, for the first time, offered assurances that it will give tax breaks to investors in college-savings plans sponsored by states.

Officials in Arizona and New Hampshire were recently told by the I.R.S. that participants in their college-savings programs qualify for various federal income-tax deferments and exemptions.

Verna L. Allen, executive director of the Arizona Commission for Postsecondary Education, said last week

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