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Davenport Considers Rebate For College Savings

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DAVENPORT, Iowa (AP) Davenport officials are considering a program that would let residents funnel a property tax rebate into a college savings plan.

The Davenport City Council discussed the proposal after a brief presentation Thursday by City Administrator Craig Malin. The council is scheduled to vote on the measure next week.

The proposal, called "College Cornerstone," would let participants of the Davenport Now property tax rebate program put their money into a 529 college savings plan of their choice. Malin says average returns for 529 plans show the Cornerstone program could return $32,700 over 15 years.

The Quad-City Times reports the council and Mayor Bill Gluba responded positively to the concept, but at least one alderman said he wanted to review it more closely.