CollegeInvest manages Colorado’s 529 College Savings Program, an easy way to save for college and capitalize on tax benefits with your contributions. Because no two families are alike, our program offers a variety of plans and savings options. Regardless of which plan you choose, if you are a Colorado resident, every dollar you contribute can be deducted from your Colorado state income tax. Additionally, your earnings and interest gains are not taxed as long as you use your funds for higher education purposes.