NextGen College Investing Plan - Select Series

Up to a $250 tax deduction per beneficiary is available for Maine taxpayers who make contributions to a NextGen plan. Maine taxpayers with incomes of $100,000 or less if a single filer and $200,000 or less for returns married joint filers or heads of household are eligible for a tax deduction on the contributions made in in a calendar year.

Maine is a tax conformity state.

Effective January 1, 2011, NextGen Matching Grant Programs are available for Maine accounts opened for new beneficiaries, regardless of family income:
Harold Alfond College Challenge
Provides a one-time $500 Harold Alfond College Challenge Grant for all Maine resident babies until their first birthday to open a NextGen account.
NextGen Initial Matching Grant
Provides a one-time $200 Initial Matching Grant for Maine accounts opened with a minimum initial contribution of $50.
NextGen Automated Funding Grant
Provides a one-time $50 Automated Funding Grant for Maine accounts that contribute through an automated funding service option.
NextStep Matching Grant
Provides a one-third match on contributions made to Maine accounts within the first 24 months of account opening, up to a maximum total award of $400.

NextGen Fee Rebate Program
If either the NextGen account owner or the account beneficiary is a Maine resident, an amount approximately equal to the Maine Administration Fee paid during the year will be automatically rebated to eligible accounts in the following year. To qualify, on the last business day of the calendar year the account must have a balance of at least $1,000 and must be invested in a Portfolio subject to the Maine Administration Fee. the minimum rebate amount is $2.00.

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.
Account Maintenance Fee Waived
The annual account maintenance fee is waived on accounts when either the account owner or the account beneficiary is a Maine resident.