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Maryland to add broker 529 plan; modify tax deduction

(May 19, 2008) - Maryland Governor Martin O'Malley has signed legislation (HB 1534) authorizing the creation of a broker-sold 529 plan. The new plan would be in addition to the state's direct-sold 529 plan, currently managed by T. Rowe Price, and the Maryland prepaid tuition plan.

The legislation also changes the wording of the $2,500 annual limit on the state income tax deduction for contributions. Instead of applying the limit on "each investment account," the limit is applied for "each account holder ... per qualified beneficiary." A husband and wife filing a joint return can each be an account holder.

The law takes effect October 1, 2008.

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