Section 529 of the Internal Revenue Code of 1986 authorized states to create two types of college savings programs – college savings plans and prepaid tuition plans.
In December 2014 Congress enacted The Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE Act) as part of The Tax Increase Prevention Act of 2014 which permitted states to establish tax-advantaged savings programs for disabled individuals (under Section 529A of the Internal Revenue Code). The law was passed in Alabama in 2015 and State Treasury launched the Enable Savings Plan Alabama in February 2017.
The CollegeCounts 529 Fund is a qualified tuition program under Section 529 of the Internal Revenue Code that is offered by the State of Alabama. CollegeCounts makes it easy for parents, grandparents, family and friends to invest in the next generation. The program is simple, offers significant tax advantages, requires no minimum contribution and allows for easy to set up automatic contributions. Learn more about CollegeCounts.
Enable Savings Plan Alabama is a financial program that allows individuals with disabilities maintain health, independence, and quality of life. With tax-exempt savings accounts individuals can now save for disability-related expenses without impacting resource-based benefits. Learn more about Enable Savings Plan Alabama.
The Alabama Prepaid Affordable College Tuition (PACT) Program is a Section 529 prepaid college tuition program administered by the State of Alabama Treasurer’s office and has been closed to enrollment since 2008. Learn More or Access Your Account.