NextGen Matching Grant Program Update for 2010
Effective January 1, 2010, the Initial Matching Grant Program will remain available to eligible Maine families. Click here for information about how to receive a $200 grant when you open a NextGen account with $50.
The Annual Matching Grant Program will not be renewed for contributions made to NextGen accounts on or after January 1, 2010. Account owners may still claim an Annual Matching Grant for eligible contributions made in 2009. Click here to learn more about these important program updates.
NextGen's Maximum Contribution Limit remains at $340,000
Effective January 1, 2010, the maximum aggregate contribution limit for NextGen accounts will remain at $340,000 per designated beneficiary.
Qualified Higher Education Expenses
The definition of Qualified Higher Education Expenses includes computers and certain computer technology and Internet access for calendar years 2009 and 2010 only.
Education Tax Credits
The Hope Scholarship Tax Credit is now also known as the American Opportunity Tax Credit, with expanded benefits and eligibility for calendar years 2009 and 2010.
Maine Income Tax Deduction for 529 Plan Contributions
A tax deduction of up to $250 is available to eligible Maine taxpayers who make contributions to any Section 529 plan, including NextGen. Click here for more information.
New Federal Financial Aid Treatment for 529 Plans
Amendments to the Higher Education Reconciliation Act provide favorable financial aid treatment for assets in a Section 529 plan. Click here for more information.