Bill > LD1574

This bill modifies the Credit for Educational Opportunity and Student Loan Repayment Tax Credit in Maine by extending and clarifying several provisions related to student loan tax credits. For tax years beginning on or after January 1, 2015 and before January 1, 2026, the bill allows taxpayers to claim a credit for loan payments made while working in the state, with refinanced or consolidated loans still eligible for the credit proportionally. The bill also extends the ability for qualified individuals to carry over unused credits from the period between January 1, 2012 and December 31, 2021, and provides that even after 2026, individuals can continue to carry over and apply unused credits from previous years. Additionally, the bill clarifies that working outside the state for up to three months during the Maine residency period does not disqualify an individual from claiming the credit, and that forbearance or deferment of loan payments does not affect credit eligibility. These changes are designed to provide more flexibility for student loan borrowers in claiming tax credits for their educational loan payments.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1574&snum=132