A Maine tax credit has been authorized to reimburse payments to a school-certified educational loan for any Maine resident who earns an associate or bachelor's degree in Maine, and then lives, works, and pays taxes in Maine following degree completion.
How to Claim the Educational Opportunity Tax Credit
All you have to do to take advantage of the Educational Opportunity Tax Credit (EOTC) is file your tax return. If Maine Revenue Services wants additional documentation, they will contact you, but there is no longer any paperwork to fill out with your college. You can find the tax credit worksheet for the EOTC here.
- If you graduated after December 31, 2009, the tax credit worksheet will provide the "benchmark loan payment,” which determines the maximum tax credit you can claim. The benchmark for 2010 is $343.
- If you graduated on or before December 31, 2009, and you have not yet filled out and filed an Opportunity Contract, the documentation that was used when the program was launched, you no longer have to. However, the cap ("benchmark loan payment”) on your eligible tax credit is determined by your college, based on a formula. The benchmark payment for 2008 was $50 and the benchmark in 2009 was $132.