CHARLESTON, W.Va. — State Treasurer John Perdue will hold a SMART529 Holiday Open House from 11 a.m. to 2 p.m. today, Tuesday, Dec. 22, hoping to sign up infants approaching the milestone of a first birthday.
The function will be held in the Treasurer’s Office at the State Capitol Complex, Treasurer’s Office, Room E-145. Free pizza will be served and staff will be on hand to handle account sign-ups.
Children born after Jan. 1, 2015 in West Virginia are eligible for the SMART529 Bright Babies grant. The incentive puts $100 into an infant’s college savings account, provided the account is opened before the child’s first birthday. The money comes from an independent program management firm.
“Even if the baby still has a few months to go before turning a year old, this is a great time to start a college savings account and receive an extra $100 investment,” Perdue said.
In addition, SMART529 also carries with it a deduction to reduce taxable income, for purposes of calculating state income tax due. Only West Virginia residents are eligible for the deductions under SMART529’s plans. A state resident may open up an account before Dec. 31 and claim a deduction in the amount of his or her initial contribution.
“With Bright Babies it’s a great opportunity to mark the holiday with an eye toward your child’s future,” Perdue said. “Any added contribution on the parent’s part may be used as a state tax deduction. Now is the right time to start saving.”