Recent State News
Morgan Stanley to launch nation’s first advisory 529 Plan; North Carolina to be sponsor
Morgan Stanley announced today the Firm will launch the Morgan Stanley National Advisory 529 Plan, the industry’s first advisory 529 Plan, which strategically aligns with the Firm’s goals-based investing approach to help families save and invest for future education expenses. Morgan Stanley has contracted with the North Carolina State Education Assistance Authority (NCSEAA) to sponsor the Plan. The Morgan Stanley National Advisory 529 Plan will be offered exclusively through Morgan Stanley Wealth Management Financial Advisors to their clients in North Carolina and nationally, and is expected to be available in the Fall.
New Year brings new matching grants for Maine residents
Ushering in 2020, a new decade, and to celebrate the 20th anniversary of the NextGen 529 college savings program, the Finance Authority of Maine has announced updated Grants for Maine residents.Maine residents now will receive a $100 Initial Matching Grant after they open a NextGen 529 account and make at least a $25 contribution. And, new this year, those Maine residents with an Alfond Grant can also receive the $100 Initial Matching Grant after they open a NextGen 529 account and make a $25 contribution by Dec. 31, 2020.
Georgia doubles state income deduction
Georgia House Bill 266 doubles the state income tax deduction awarded through Georgia’s 529 Plan for college savings from $2,000 per year to $4,000 for single taxpayers and from $4,000 per year to $8,000 for married couples filing jointly. The legislation takes effect with the 2020 tax year.