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ME LD1574
Bill
Status
6/17/2025
Primary Sponsor
Caldwell Jackson
Click for details
AI Summary
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Allows student loan borrowers to make early or excess payments on eligible loans and still qualify for Maine's educational opportunity tax credit, starting with tax years beginning January 1, 2026
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Removes the restriction that limited tax credits to only the loan amounts due during the taxable year (restriction applied for tax years 2015-2025)
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Extends the ability to carry over unused tax credits from the Credit for Educational Opportunity program indefinitely for tax years beginning on or after January 1, 2026
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Permits qualified individuals to apply unused carryover credits to the student loan repayment tax credit each year until the credit amount is fully depleted
Legislative Description
An Act to Amend the Credit for Educational Opportunity and Student Loan Repayment Tax Credit
Income Tax
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025