Maine
Janet Mills: Maine’s reworked student loan tax credit ‘more reasonable’ than Joe Biden’s plan
Gov. Janet Mills says the state’s program for serving to college students handle faculty debt is “extra affordable” than the debt forgiveness plan introduced Thursday by President Joe Biden
“The bipartisan Alternative Maine tax credit score, we expanded on this 12 months’s finances, significantly expanded, might be essentially the most beneficiant pupil mortgage forgiveness program within the nation,” she says.
This system is now known as the Pupil Mortgage Compensation Tax Credit score. It presents as much as $25,000 to Mainers who’re residing in Maine and, after graduating, reside, work and pay taxes right here.
The credit score is on the market to graduates with bachelor’s, affiliate, or graduate levels. For graduates with science, know-how, engineering and math levels, the credit score is refundable, in any other case it offsets earned earnings for Maine tax functions.
Employers may declare the credit score in the event that they pay tuition prices for his or her workers.