Recent State News
New Year brings new matching grants for Maine residents
Ushering in 2020, a new decade, and to celebrate the 20th anniversary of the NextGen 529 college savings program, the Finance Authority of Maine has announced updated Grants for Maine residents.Maine residents now will receive a $100 Initial Matching Grant after they open a NextGen 529 account and make at least a $25 contribution. And, new this year, those Maine residents with an Alfond Grant can also receive the $100 Initial Matching Grant after they open a NextGen 529 account and make a $25 contribution by Dec. 31, 2020.
Georgia doubles state income deduction
Georgia House Bill 266 doubles the state income tax deduction awarded through Georgia’s 529 Plan for college savings from $2,000 per year to $4,000 for single taxpayers and from $4,000 per year to $8,000 for married couples filing jointly. The legislation takes effect with the 2020 tax year.
Massachusetts launches BabySteps Savings Plan
The State Treasurer’s office launched The BabySteps Savings Plan, a statewide post-high school education savings account program that gives every baby born or adopted in Massachusetts a free $50 seed deposit. The launch of the program has been years in the making. The Treasurer’s Office ran two pilot programs — SeedMA and SoarMA — in economically and racially diverse areas of the state.In addition to the seeded savings account, this program will provide free comprehensive financial education tools and resources for families across the state. People can use these tools, which include pointers on how to pay for college, to continue saving for their children’s future while still paying their bills today.