Legislative Document No. 71 S.P. 24 In Senate, January 15, 2019
An Act To Reinstate the Income Tax Deduction for Contributions to College Savings Accounts
Reference to the Committee on Taxation suggested and ordered printed.
DAREK M. GRANT Secretary of the Senate
Presented by Senator GUERIN of Penobscot. Cosponsored by Senators: BELLOWS of Kennebec, CHIPMAN of Cumberland, POULIOT of Kennebec, Representative: GRIFFIN of Levant.
Printed on recycled paper 1 Be it enacted by the People of the State of Maine as follows:
2 Sec. 1. 36 MRSA §5122, sub-§2, ¶QQ, is enacted to read: 3 QQ. The portion of contributions to a qualified tuition program established under 4 Section 529 of the Code up to $250 per designated beneficiary. This deduction may 5 not be claimed on returns when federal adjusted gross income exceeds $100,000 for 6 returns with a filing status of single or married filing separately or $200,000 for 7 returns with a filing status of married joint or head of household.
8 SUMMARY 9 This bill reinstates the income tax deduction for certain contributions to qualified 10 tuition programs under Section 529 of the Internal Revenue Code up to $250 per 11 designated beneficiary. This deduction was in effect from 2006 to 2015.
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