MD SB882

Creates a Maryland state income tax credit for full-time public primary or secondary school employees who participate in the Career Ladder program and have outstanding student loan debt

Applications must be submitted to the Maryland Higher Education Commission by December 1 each year, with credits awarded first-come, first-served based on timestamp

At least 70% of available funds must go to individuals who graduated from both a Maryland high school and a Maryland institution of higher education in the previous year

Total annual tax credit certificates capped at $5,000,000, with recipients claiming one-fifth of their awarded amount over 5 consecutive taxable years

Recipients must verify continued public school employment and Career Ladder participation each year or lose the credit; the credit is recaptured if not applied to student loan repayment within 3 years