IL treasurer says college savings plans cannot be used for private K-12 education

Treasurer Illinois Treasurer Mike Fredrichs says families in the state that have Bright Star or Bright Directions college savings plans wont get a break on state taxes if they use accounts to pay for private K-12 education. Those who do may face tax penalties from the state. The savings plans aim to convince taxpayers to put money aside for tuition. There are 45,000 accounts in the state totaling about $9 billion invested funds.

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