ME LD1812

Creates the Loans for Trade Tools Program administered by the Finance Authority of Maine, offering low-interest loans (maximum 2.0% APR) up to $20,000 per borrower for accredited college graduates entering trade professions to purchase tools and equipment

Provides loan forgiveness for borrowers who maintain full-time employment (32+ hours per week) in their trade for at least 5 years

Establishes an employer tax credit equal to 25% of trade tool reimbursements made to eligible employees within their first year of employment, capped at $5,000 per employee

Prohibits employers from claiming the tax credit for tools already covered by the loan program, and the credit is nonrefundable with no carryover

Appropriates $1,000,000 per year for fiscal years 2025-26 and 2026-27 to fund the loan program, with total annual lending capped at $1,000,000