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

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 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 are deployed for military service outside of Maine.

You serve on a vessel at sea, but declare your residency when not at sea to be in Maine.

You get:

For associates degrees, a refundable tax credit, regardless of your declared major.

For Bachelors degrees in STEM fields, a refundable tax credit, for non-STEM fields, tax credits are not refundable.

For graduate degrees earned at Maine schools, tax credits are are non-refundable.

Unused, nonrefundable credits may be carried forward for up to 10 tax years.

Prior to 2008

You do not qualify

2008 to 2012

You qualify if:

Your employee is a Maine resident for the tax year.

Your employee was a Maine resident while attending college/university.

Your employee works for an employer located in Maine during the tax year.

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

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

Your employee gets:

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

2013 to 2014

You qualify if:

Your employee is a Maine resident for the tax year.

Your employee was a Maine resident while attending college/university.

Your employee works for an employer located in Maine during the tax year.

Your employee earned a Bachelors or Associates degree from any accredited school in the US.

Your employee meets the above criteria and is deployed for military service outside of Maine.

Your employee gets:

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

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

2015

You qualify if:

Your employee is a Maine resident for the tax year.

Your employee was a Maine resident while attending college/university.

Your employee works in Maine during the tax year, regardless of where the employer is located.

Your employee 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.)

Your employee earned a Bachelors or Associates degree from any accredited school in the US.

Your employee meets the above criteria and is deployed for military service outside of Maine.

Your employee gets:

2016+

You qualify if:

Your employee is a Maine resident for the tax year.

Your employee works in Maine during the tax year, regardless of where the employer is located.

Your employee earned a Bachelors or Associates degree from any accredited school in the US. OR

Your employee earned a Graduate Degree from a Maine school after 2015

Your employee 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.)

Your employee meets the above criteria and is deployed for military service outside of Maine.

Your employee serves on a vessel at sea, but declares their residency when not at sea to be in Maine.

Your employee gets:

For associates degrees, a refundable tax credit, regardless of your declared major.

For Bachelors degrees in STEM fields, a refundable tax credit, for non-STEM fields, tax credits are not refundable.

For graduate degrees earned at Maine schools, tax credits are are non-refundable.

Unused, nonrefundable credits may be carried forward for up to 10 tax years.