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PARRIS N. GLENDENING, Governor
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HB. 437
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vetoing this bill has been a difficult decision, it is not in the State's best interest to
expand our tax incentives to out-of-state plans at this time. I would encourage the
General Assembly and the Maryland Higher Education Investment Board to evaluate
Maryland's programs over the next year in light of activity relating to Section 529
plans at the federal level and around the country.
For the above reasons, I have vetoed House Bill 437.
Sincerely,
Parris N. Glendening
Governor
House Bill No. 437
AN ACT concerning
Maryland—Higher—Education—Investment—Program Qualified Tuition
Programs - Income Tax Treatment
FOR the purpose of prohibiting the Maryland Higher Education Investment Board
from allowing the same purchaser to purchase more than one prepaid tuition
contract for a single beneficiary in the same calendar year; authorizing the
Board to allow a purchaser to purchase multiple tuition plans for the same
beneficiary under a single prepaid contract and to provide for multiple payment
options under a single prepaid contract; prohibiting the Board from allowing the
same contributor to open more than one investment account for a single
beneficiary in the same calendar year; authorizing the Board to allow a
contributor to invest in multiple portfolios for the same beneficiary under a
single investment account; clarifying the application of a certain Maryland
income tax addition modification and certain Maryland subtraction
modifications to certain amounts that qualify for certain treatment under
federal income tax law relating to qualified tuition programs; clarifying the
application to spouses on a joint income tax return of certain limitations under
certain Maryland income tax subtraction modifications for purchases or
contributions under certain qualified tuition programs; providing for the
application of this Act; and generally relating to the Maryland income tax
treatment of certain purchases or contributions under certain qualified tuition
programs administered by the Maryland Higher Education Investment Board
altering a certain addition modification under the Maryland income tax for
certain distributions from, certain qualified tuition programs; altering certain
subtraction modifications under the Maryland income tax for certain
contributions to certain qualified tuition programs; repealing a certain
Maryland income tax subtraction modification made obsolete as a result of
certain changes to the federal income tax treatment of qualified tuition
programs; providing for the application of this Act; and generally relating to the
income tax treatment of contributions to and distributions from certain
qualified tuition programs.
BY repealing and reenacting, with amendments,
Article—Education
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- 5115 -
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