| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 36 MRSA §5219-Q is enacted to read: |
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| | | §5219-Q.__Maine College Savings Program credit |
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| | | A resident individual is allowed a credit against the tax | | otherwise due under this Part in the amount of 10% of the amount | | contributed to an account pursuant to the Maine College Savings | | Program, as established in Title 10, section 1013, subsection 16.__ | | This credit is limited to a maximum of $1,500 in any one year.__ | | In no case may this credit reduce the Maine income tax to less | | than zero. |
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| | | This bill provides a 10% income tax credit for contributions | | to the Maine College Savings Program, up to a maximum credit of | | $1,500. |
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