Opportunity Maine – Tax Credit for Student Loans

Prior to 2008

You do not qualify

2008 to 2012

You qualify if:

You are Maine resident for the tax year.

You were a Maine resident while attending college/university.

You work for an employer located in Maine during the tax year.

You earned a Bachelors or Associates degree from any accredited school in Maine after 2007.

Note: All of your graduating credit hours earned after 2007 must have been from Maine schools.

You get:

The tax credit will offset whatever taxes you owe the State of Maine (non-refundable). If the tax credit is worth more than what you owe the State of Maine in taxes, you may use the balance over the following 10 tax years.

2013 to 2014

You qualify if:

You are Maine resident for the tax year.

You were a Maine resident while attending college/university.

You work for an employer located in Maine during the tax year.

You earned a Bachelors or Associates degree from any accredited school in Maine after 2007.

Note: If you transferred to a Maine school after 2012, up to 30 of your credit hours could’ve been earned at an out-of-state school. ie, you started somewhere else, then transferred to Maine after 2012.

You meet the above criteria and are deployed for military service outside of Maine.

You get:

If your degree is considered STEM, then the tax credit is refundable— meaning after being applied to your tax, you'll get a check in the mail from the State of Maine for the remaining credit.

If your degree is non-STEM, the tax credit will offset whatever taxes you owe the State of Maine (non-refundable). If the tax credit is worth more than what you owe the State of Maine in taxes, you may use the balance over the following 10 tax years.

2015

You qualify if:

You are Maine resident for the tax year.

You were a Maine resident while attending college/university.

You earned a Bachelors or Associates degree from any accredited school in Maine after 2007.

You work in Maine during the tax year, regardless of where your employer is located (includes self-employment).

You did not work outside of Maine for more than three months of the tax year. (i.e., on temporary transfer, as a digital nomad, on excursions, etc.)

Note: If you transferred to a Maine school after 2012, up to 30 of your credit hours could've been earned at an out-of-state school. ie, you started somewhere else, then transferred to Maine after 2012.

You meet the above criteria and are deployed for military service outside of Maine.

You get:

If your degree is considered STEM, then the tax credit is refundable— meaning after being applied to your tax, you'll get a check in the mail from the State of Maine for the remaining credit.

2016+

You qualify if:

You are Maine resident for the tax year.

You either work in Maine during the tax year, regardless of where your employer is located (includes self-employment), are deployed for military service, or are employed (at least part-time) on a vessel at sea.

You did not work outside of Maine for more than three months of the tax year. (i.e., on temporary transfer, as a digital nomad, on excursions, etc.)

You earned a Bachelors or Associates degree after 2007 and before 2016 from a Maine school, OR

You earned a Bachelors or Associates degree after 2015 from any accredited school in the United States,OR

You earned a Graduate Degree from a Maine school after 2015

You get:

For associates degrees, a refundable tax credit, regardless of your declared major. Meaning, after being applied to your income tax, you'll get a check in the mail from the State of Maine for the remaining credit.

For Bachelors degrees considered to be in STEM (science, technology, engineering or math) fields by Maine Revenue Services, a refundable tax credit – meaning, after being applied to your income tax, you'll get a check in the mail from the State of Maine for the remaining credit. For non-STEM fields, tax credits are not refundable.

For Bachelors degrees NOT considered to be in STEM (science, technology, engineering or math) fields by Maine Revenue Services, tax credits may offset any individual income taxes you owe the State of Maine (non-refundable). If the tax credit is worth more than what you owe the State of Maine in individual income taxes, you may use the balance over the following 10 tax years.

For graduate degrees earned at Maine schools, tax credits may offset any individual income taxes you owe the State of Maine (non-refundable). If the tax credit is worth more than what you owe the State of Maine in individual income taxes, you may use the balance over the following 10 tax years.

EXCITING NEWS!

The Maine Student Loan Repayment Program has been expanded and simplified! The details are still being worked out by State Government, but here are some highlights you can count on:

$2,500 refundable tax credit value per year, or $25,000 lifetime value.

Simpler worksheet to fill out with your tax return each year. Worksheet can be found below

More details are being worked out by State Government - we'll post details as we get them to this webpage!

The State of Maine recognizes the investment you've made in your education, and has put its money where its mouth is – come here to live and work, and the State will reimburse your student loan payments via the Student Loan Repayment Program.

If you have questions or would like to speak to a human, please contact Maine Revenue Services (they administer the tax credit):
(207) 626-8475 • income.tax@maine.gov

The chart below is to determine qualifications for the Opportunity Maine Tax Credit for years 2021 or prior. This is not to be used for the 2022 Student Loan Reimbursement Program.

» 2022 Individual Worksheet

» 2021 Individual Worksheet
» 2020 Individual Worksheet
» Prior Year Worksheets
(Click: Worksheets for Tax Credits under Income Tax section)

EXCITING NEWS!

The Maine Student Loan Repayment Program has been expanded and simplified! The details are still being worked out by State Government, but here are some highlights you can count on:

$2,500 refundable tax credit value per year, or $25,000 lifetime value. Simpler worksheet to fill out with your tax return each year. Worksheet can be found below More details are being worked out by State Government - we'll post details as we get them to this webpage!

The State of Maine recognizes the investment you've made in your education, and has put its money where its mouth is – come here to live and work, and the State will reimburse your student loan payments via the Student Loan Repayment Program.

If you have questions or would like to speak to a human, please contact Maine Revenue Services (they administer the tax credit): (207) 626-8475 • income.tax@maine.gov

The chart below is to determine qualifications for the Opportunity Maine Tax Credit for years 2021 or prior. This is not to be used for the 2022 Student Loan Reimbursement Program.

» 2022 Individual Worksheet

» 2021 Individual Worksheet » 2020 Individual Worksheet » Prior Year Worksheets (Click: Worksheets for Tax Credits under Income Tax section)

$2,500 refundable tax credit value per year, or $25,000 lifetime value.

Simpler worksheet to fill out with your tax return each year. Worksheet can be found below

More details are being worked out by State Government - we'll post details as we get them to this webpage!

If you have questions or would like to speak to a human, please contact Maine Revenue Services (they administer the tax credit):
(207) 626-8475 • income.tax@maine.gov

» 2021 Individual Worksheet
» 2020 Individual Worksheet
» Prior Year Worksheets
(Click: Worksheets for Tax Credits under Income Tax section)