MaineAmendment would let borrowers carry student loan credits forward
A proposed amendment would let eligible borrowers, including nonresidents who meet the program’s work rules, claim credit over time for qualifying loan payments above the annual limit.
What it does
The proposed amendment would let eligible borrowers carry forward credit for qualifying loan payments above the annual limit. They could claim up to $2,500 a year, subject to the program’s employment rules.
Argument forEligible borrowers could pay more toward a qualifying loan early and claim credit for the excess over later years, subject to the yearly cap.
Argument againstBorrowers might not be able to use all carried-forward credits if they owe too little tax, because the credits cannot be refunded or reduce tax owed below zero.
More detail
The proposed amendment would let eligible borrowers carry forward credit for qualifying loan payments above the annual limit. This applies to qualified individuals with eligible loan payments; for this carry-forward, an otherwise qualified individual may be a nonresident taxpayer. Borrowers must meet the program’s ongoing employment requirements. Carried-forward credits cannot be refunded or reduce tax owed below zero. Total credit claimed in a year, including carried-forward credits, cannot exceed $2,500. The carry-forward provision would apply to tax years beginning on or after January 1, 2026.
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Where it stands
- Introduced
- Passed 1st Chamber
- Became Law
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 29Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)Died
- 2025
- Jun 25CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
- Jun 18On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
- Jun 18Sent for concurrence. ORDERED SENT FORTHWITH.
- Jun 18PASSED TO BE ENACTED.Became Law
- Jun 17Reported Out - OTP-AM
- Jun 17Ordered sent down forthwith.
- Jun 17Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-772), in concurrence.Minor
- Jun 17Committee Amendment "A" (H-772) READ and ADOPTED, in concurrence.Minor
- Jun 17READ ONCE.Minor
- Jun 17Report READ and ACCEPTED, in concurrence.
- Jun 17Sent for concurrence. ORDERED SENT FORTHWITH.
- Jun 17The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-772).Minor
- Jun 17Under suspension of the rules CONSENT CALENDAR - SECOND DAY.
- Jun 17CONSENT CALENDAR - FIRST DAY
- May 1Voted - OTP-AM
- May 1Work Session Held
- Apr 29Work Session Held
- Apr 10The Bill was REFERRED to the Committee on TAXATION in concurrenceMinor
- Apr 10Sent for concurrence. ORDERED SENT FORTHWITH.
- Apr 10The Bill was REFERRED to the Committee on TAXATION.Minor
- Apr 10Committee on Taxation suggested and ordered printed.Introduced
Taxes & BudgetEducationEconomy & Jobs