Maine Account Benefits
NextGen offers many benefits for account owners and/or beneficiaries who are Maine residents. Click on the programs below to learn more about each program and the associated eligibility requirements.
A $500 grant is available to all Maine resident babies until their first birthday to open a NextGen account, regardless of family income. Learn more…
Maine accounts opened with a minimum initial contribution of $50 are eligible for a one-time $200 Initial Matching Grant (IMG), regardless of income. Learn more…
Maine accounts opened on or after January 1, 2011 are eligible for a NextStep Matching Grant (NMG), which provides a one-third match on contributions made to the account within the first 24 months of account opening, up to a maximum total award of $400, regardless of family income. Learn more...
Maine accounts opened on or after January 1, 2011 are eligible for a one-time $50 Automated Funding Grant (AFG) when any automated funding service option is elected, regardless of income. Learn more...
Maine Administration Fee Rebate Program. If either the NextGen account owner or the account beneficiary is a Maine resident, an amount approximately equal to any annual Maine Administration Fee paid will be automatically refunded to eligible accounts that paid the fee during the year. Only accounts with a year end balance of $1,000 or more which include a Portfolio subject to the fee are eligible.
Account Maintenance Fee Waived for Maine Residents. The annual account maintenance fee is waived on accounts when either the account owner or the account beneficiary is a Maine resident.
State Tax Deduction. Individuals who file Maine state income tax returns and make contributions to any state’s Section 529 plan during the year may deduct up to $250 per beneficiary. The taxpayer must have a federal adjusted gross income of $100,000 or less ($200,000 or less for joint filers or heads of household).
Maine LiLA Program. The Maine LiLA (Lifelong Learning Accounts) Program allows an employer the ability to provide matches to NextGen accounts to help an employee finance lifelong learning. The Maine Department of Labor, in partnership with FAME and others, established the Maine LiLA Program to help Maine workers upgrade their skills and education while meeting the demands of businesses for a skilled workforce. The Maine LiLA Program also provides free advising services to employees to assist in education and career planning.
NextGen Investments in Maine. A percentage of the cash portion of the NextGen Investment Fund is invested in Certificates of Deposit at Maine financial institutions to help grow Maine’s economy.
Direct Deposit Maine Income Tax Refunds. Maine taxpayers have the ability to make a contribution to their NextGen account by requesting a direct deposit of their Maine income tax refund.
For more information contact a FAME NextGen Representative or call 800.228.3734.