Davenport officials OK rebate for college savings

DAVENPORT, Iowa (AP) — Davenport has approved a program that will let residents use a property tax rebate to help save for college.

The Davenport City Council voted Wednesday in support of the College Cornerstone program, which will be an addition to the Davenport Now property tax rebate program.

Davenport Now, which began in 2009, offers a 50 percent property tax rebate over 10 years. The council’s approval means participants will be able to put their money into a 529 college savings plan of their choice. It also includes a four-year extension to Davenport Now.

The Quad-City Times reports (http://bit.ly/1iWDjaZ ) the College Cornerstone program is expected to be available in February.

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Information from: Quad-City Times, http://www.qctimes.com

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