Maine § 36 §5217-D Credit for educational opportunity

Maine Statutes

§ 36 §5217-D — Credit for educational opportunity

Maine·Title 36 TAXATION·Part 8 INCOME TAXES·Ch. 822 TAX CREDITS

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Credit allowed. A qualified individual or an employer of a qualified employee is allowed a credit against the tax imposed by this Part in accordance with the provisions of this section. The credit is created to implement the Job Creation Through Educational Opportunity Program established under Title 20‑A, chapter 428‑C. 2-A. Limitation. A credit claimed by a qualified individual based on eligibility under subsection 1, paragraph G, subparagraph (1), division (b) or (c) may be claimed only on returns filed for tax years beginning on or after January 1, 2016. A credit based on loan payments made prior to January 1, 2016 is not available to any individual based

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Credit allowed.
A qualified individual or an employer of a qualified employee is allowed a credit against the tax imposed by this Part in accordance with the provisions of this section. The credit is created to implement the Job Creation Through Educational Opportunity Program established under Title 20‑A, chapter 428‑C.
2-A.
Limitation.
A credit claimed by a qualified individual based on eligibility under subsection 1, paragraph G, subparagraph (1), division (b) or (c) may be claimed only on returns filed for tax years beginning on or after January 1, 2016. A credit based on loan payments made prior to January 1, 2016 is not available to any individual based on eligibility under subsection 1, paragraph G, subparagraph (1), division (b) or (c).
3.
Calculation of the credit; qualified individuals.
Subject to subsection 2 and except as provided in this subsection, the credit with respect to a qualified individual is equal to the amount determined under paragraph A or paragraph B, whichever is less, multiplied by the proration factor:
4.
Conditions for an opportunity program participant claiming the credit.
5.
Calculation of the credit; employers.
Subject to subsection 2, a taxpayer constituting an employer making loan payments directly to a lender during the taxable year on loans included in a qualified employee's financial aid package may claim a credit equal to the benchmark loan payment or the actual monthly loan payment made by the employer on the loans, whichever is less, multiplied by the number of months during the taxable year the employer made loan payments on behalf of the qualified employee during the term of employment. For tax years beginning on or after January 1, 2016, subject to subsection 2, a taxpayer constituting an employer making loan payments directly to a lender during the taxable year on loans included in a qualified employee's financial aid package may claim a credit equal to the actual monthly loan payment made by the employer on the loans multiplied by the number of months during the taxable year the employer made loan payments on behalf of the qualified employee during the term of employment. The credit under this subsection may not be claimed with respect to months of the taxable year during which the employee was not a qualified employee.
6.
Application.
Notwithstanding any provision of this section to the contrary, the credit provided by this section, including any carryover of excess credit from prior years, may not be claimed for tax years beginning on or after January 1, 2022.

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Legislative History

PL 2007, c. 469, Pt. B, §1 (NEW). PL 2009, c. 434, §78 (AMD). PL 2009, c. 553, Pt. B, §§2-4 (AMD). PL 2009, c. 553, Pt. B, §5 (AFF). PL 2011, c. 665, §§7-12 (AMD). PL 2011, c. 665, §13 (AFF). PL 2013, c. 525, §15 (AMD). PL 2015, c. 267, Pt. QQQ, §§1-5 (AMD). PL 2015, c. 267, Pt. QQQ, §6 (AFF). PL 2015, c. 300, Pt. A, §42 (AMD). PL 2015, c. 328, §§5-7 (AMD). PL 2015, c. 482, §§1-5 (AMD). PL 2015, c. 494, Pt. A, §48 (AMD). PL 2017, c. 170, Pt. D, §8 (AMD). PL 2017, c. 288, Pt. A, §49 (AMD). PL 2019, c. 401, Pt. C, §12 (AMD). PL 2019, c. 401, Pt. C, §16 (AFF). PL 2021, c. 635, Pt. H, §14 (AMD).