529 PLANS

529 News

Maine enacts 529 tax deduction for contributions to any 529 plan

(March 31, 2006) - On March 29, 2006, Maine's governor signed legislation (L.D. 1968, H.P. 1378) that provides a maximum $250 per-beneficiary state income tax deduction for contributions to any 529 plan (not just a Maine 529), effective in 2007. The deduction is not available to taxpayers with federal adjusted gross incomes over $100,000 (single or married filing separate) or $200,000 (joint or head of household).

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