An Act To Raise the Maximum 529 Plan Contribution Tax Deduction
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶Y, as amended by PL 2007, c. 539, Pt. CCC, §6 and c. 689, §1 and affected by §4, is further amended to read:
Y. The portion of contributions to a qualified tuition program established under Section 529 of the Code up to $250 per designated beneficiary. For tax years beginning on or after January 1, 2013, the maximum amount of the deduction allowed under this paragraph is $1,000 per designated beneficiary. This deduction may not be claimed on returns when federal adjusted gross income exceeds $100,000 for returns with a filing status of single or married filing separately or $200,000 for returns with a filing status of married joint or head of household;
summary
This bill increases the maximum deduction for contributions to a qualified tuition program established under Section 529 of the United States Internal Revenue Code of 1986 to $1,000 per designated beneficiary. The change applies to tax years beginning on or after January 1, 2013.