College savings plan bill signed by Gov. Inslee

OLYMPIA – Washington Gov. Jay Inslee has signed a bill that will start a traditional 529 college savings plan in the state and reopen the old prepaid program frozen last year.

Inslee signed Senate Bill 6601 on Tuesday that reopens Washington’s current college savings program – one of a few in the country that allows parents to pay tuition in advance. It was frozen in August.

Standard 529 plans are open in 48 other states. Both let people save money for college and not pay federal income taxes on investment earnings.

The bill passed both chambers by wide margins, and was approved by the Legislature in early March.