Bill > SB805

This bill alters the Student Loan Debt Relief Tax Credit program in Maryland by changing how unused portions of the credit are handled and allowing for extensions in repayment proof. Specifically, instead of requiring the recapture of the entire credit amount if it's not fully used for student loan repayment within three years, the bill now mandates the recapture of only the *unused* portion of the credit. Furthermore, the Maryland Higher Education Commission (MHEC), which administers the credit, is authorized to grant extensions for individuals to prove they used the credit for student loan repayment under certain circumstances, such as delays related to federal student loan programs like the SAVE plan, issues with the U.S. Department of Education's processing of income-based repayment plans, or while awaiting agreements under the Public Service Loan Forgiveness Buyback Program. These changes aim to provide more flexibility and fairness to taxpayers utilizing this student loan debt relief.