The Wisconsin State Legislature has decided to extend the tax deductions for its EdVest 529 plan. Grandparents can now take advantage of tax savings if they are investing on behalf of their grandchildren's education.

Under the statutue, investors can deduct up to $3,000 of their contributions per grandchild per year starting with the 2002 tax return. Therefore, any contribution made since the start of calendar year 2002 qualifies.

"The state tax deduction is a great incentive to get more of Wisconsin saving for the education of our youth," opined Wisconsin State Treasurer Jack C. Voight, whose office oversees the program. "Saving today is a far better option than paying for school with loans down the road. By starting early, investors can put the power of compounding to work for them."

EdVest is managed by Strong Capital Management. 

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