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Products: Education Savings Products: Tax Credit and Deductions

Hope Scholarship Credit (Hope Credit)* is a nonrefundable tax credit of 100% of the first $1,100 and 50% of the next $1,100 (for 2007) for each of the first two years of post-secondary tuition and fees. The maximum annual credit is $1,650 per eligible student. A student must be enrolled in a program that leads to a degree, certificate, or other recognized educational credential and must take at least one-half of the normal full-time workload for course of study for at least one academic period beginning during the tax year. To qualify, a student must not have completed the first two years of post-secondary education at an eligible institution. Hope Credit can only be claimed for two tax years for any one student and is subject to a phase-out when income exceeds certain amounts.

Lifetime Learning Credit* This credit applies to tuition and fees for undergraduate, graduate, and continuing-education course work. A family can claim on its tax return a credit equal to 20 percent of $10,000 of educational expenses; so the maximum benefit is $2,000 each tax year. Eligible education expenses are offset by scholarships, grants, and other tax-free tuition benefits. The Lifetime Learning credit is available for an unlimited number of years.

A Student Loan Interest Deduction* is available up to $2,500 of interest on qualified education loans for college or vocational school expenses.

The deduction is phased out at a modified AGI of $50,000-65,000 ($105,000-$135,000 MFJ). No deduction is available if taxpayer's filing status is MFS or if taxpayer is claimed as a dependent by another taxpayer. A student must take at least one half the normal full-time work load in a degree, certificate, or other qualified program to be eligible.

*Check with your tax adviser for specific information. Coordination of above indicated credits and exclusions may be required. FMIC is not a tax advisor and cannot give out specific tax-related advice.

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First Minnetonka City Bank
First Minnetonka Investment Center is a registered branch of LaSalle St. Securities, LLC.
Securities are offered through LaSalle St. Securities, LLC., Advisory Services offered through LaSalle St. Investment Advisors, LLC.
 LaSalle St. Investment Advisors, LLC is affiliated with LaSalle St. Securities, LLC.- a registered broker/dealer.
Tam Hubert, CFP® and Kristi Remus are registered representatives of LaSalle St. Securities, LLC.
940 N Industrial Dr., Elmhurst, IL 60126-1131. Member FINRA / SIPC. Not a deposit. Not FDIC insured.
Not insured by any Federal Government agency. Not guaranteed by the bank. May lose value.
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The Fair Housing Act prohibits discrimination in housing because of:

Mission

Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.