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On Monday, June 16, 2003, Governor Jim Douglas signed into law the Vermont Higher Education Investment Plan Tax Credit at a formal signing ceremony held in the Milton Elementary School library. The new law allows families saving for college to receive a state income tax credit for their contribution to the Vermont Higher Education Investment Plan. The Vermont Student Assistance Corporation (VSAC) administers the plan.
Governor Douglas said that his administration is guided by the principle that higher education should be of the highest quality, affordable and accessible to all Vermonters. The credit should be particularly helpful for low and middle income Vermonters. "This tax credit provides an incentive for families to save for their children's education," Douglas said. "Individuals in the low and middle income ranges should benefit more from the credit than from a deduction."
"We need to do more to ensure that higher education is affordable for average Vermonters," Douglas said. "Now more than ever, Vermonters need opportunities for education beyond high school. Higher education and lifelong learning allow Vermonters to expand their opportunities, increase their marketability, demand higher wages and gain personal fulfillment."
24 other states allow a deduction from state income tax for similar contributions.
While visiting Milton Elementary, the Governor also took time to congratulate the graduating sixth graders and their families.
Governor Jim Douglas signs into law the Vermont Higher Education Investment Plan Tax Credit at Milton Elementary