The Securities Industry Association (SIA)* provides comments to the Governor of Maine on a proposal to repeal temporary legislation taxing certain section 529 plan withdrawals. SIA believes that the earnings from all qualified 529 plans should not be taxed. SIA believes Maine residents should be able to select the 529 savings program whose feature set best meets their needs. SIA suggests using the supplemental budget process to give Maine residents back the college savings incentive by making qualified distributions from all section 529 programs state tax free.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.