Maryland Governor vetoes bill permitting wider deductibility

Gov. Parris Glendening yesterday vetoed a bill that passed unanimously in the state legislature that would permit Maryland taxpayers to deduct contributions to out-of-state 529 plans under the same rules that permit a deduction for contributions to Maryland's own 529 plans. Maryland would have been the first state to make this move. The bill also would have closed a loophole permitting multiple deductions for multiple accounts, but it is anticipated that tax regulations will be drafted to accomplish the same purpose.
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