Bill > H3228

This bill proposes to amend Chapter 62 of the tax code by introducing a new tax credit provision for higher education expenses. Specifically, the bill allows taxpayers to claim a tax credit of up to 20% of qualified tuition and fees for higher education, with a maximum credit limit of $5,000 per tax year. If the full credit cannot be used in the year the expenses are incurred, taxpayers can carry forward the unused portion of the credit and apply it over the next seven subsequent tax years. This means that individuals paying for college tuition and related fees can reduce their state tax liability, potentially providing significant financial relief for families and students managing the high costs of higher education.

Budget and Finance

https://malegislature.gov/Bills/194/H3228