A Maine income tax deduction is available for Maine residents who make contributions to any 529 college savings plan commencing January 1, 2007. The amount is limited up to $250 per designated beneficiary. Taxpayers with incomes of $100,000 or less if a single filer and $200,000 or less for returns of married joint filers or heads of household are eligible for a tax deduction on the contributions made in 2007.

The 2007 Maine Revenue Income Tax Forms (available in January of 2008) will contain instructions for Maine taxpayers to claim the deduction.