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ineligible deferred compensation plan under Section | 457(f) of the Code; |
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| | Sec. 4. 36 MRSA §5122, sub-§2, ¶¶N and O are enacted to read: |
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| N.__Interest or dividends on obligations or securities of | this State and its political subdivisions and authorities to | the extent included in federal adjusted gross income; and |
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| O.__Ten percent, up to a maximum of $2,000, of the amount | contributed to an account pursuant to the Maine College | Savings Program as established in Title 20-A, chapter 417-E. |
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| | Sec. 5. Application. That section of this Act that enacts the Maine | Revised Statutes, Title 36, section 5122, subsection 2, paragraph | O applies to tax years beginning on or after January 1, 2001. |
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| | This bill provides an income tax deduction for 10%, up to an | aggregate maximum of $2,000, of the amount contributed to a | college savings account established under the Maine College | Savings Program administered by the Treasurer of State and the | Finance Authority of Maine. The bill requires the authority to | provide information to the Department of Administrative and | Financial Services, Bureau of Revenue Services for purposes of | verifying eligibility for the deduction. The bill also makes | technical changes to resolve a conflict. |
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