If an applicant is determined to be eligible and makes the required contribution by 11:59 p.m. on November 1, and if the State provides program funding, State contributions will be received by December 31 of the calendar year in which the Account Holder made the contribution.
State contributions are not guaranteed. The State funding for contributions is limited each fiscal year. As with the entire State budget, the Maryland General Assembly has final approval. If resources are insufficient to fully fund all eligible Accounts, Maryland 529 shall provide contributions in the order in which applications are received in good order and give priority to applications of Account Holders who did not receive a State contribution in any prior year. If more than two Account Holders have applied for the same Beneficiary, and meet the eligibility criteria to receive a State contribution, priority will be determined on a first-come, first-served basis.
If you receive a State contribution for any Account in a given year, you are not eligible in that year for the income subtraction on your State taxes for contributions that you made to that or any other College Investment Plan Account. You should check with your tax professional regarding your specific situation.