Opportunity Maine
2011 UPDATE: Opportunity Maine
Opportunity Maine refers to a tax Credit for Educational Opportunity offered by the State of Maine to students who completed all coursework at and graduated from a Maine institution, who live, work and pay taxes in Maine and have student loans taken out after January 1, 2008.
Students who graduated in 2008 & 2009 were required to complete and submit to the Office of Student Financial Aid an Opportunity Maine Contract prior to graduation.
What has changed:
A contract is no longer required!
To claim the tax credit graduates, including those who graduated in 2008 and 2009 (who previously were required to sign a contract) need only to complete a worksheet and submit when filing a tax return.
The 2011 Credit for Educational Opportunity Worksheet is now available on the Maine Revenue Service’s website.
When completing the worksheet, you will need to know the Benchmark Loan Payment.
Bachelor’s Degree
Graduation Year: Benchmark Loan Payment:
2008* $360
2009* $368
2010^ $343
2011^ $344
* The benchmark loan payment for 2008 and 2009 was calculated by the Office of Student Financial Aid.
^ The benchmark loan payment was calculated by the State of Maine
IMPORTANT
Upon review of this worksheet, Maine Revenue Services may request supporting documentation for any or the following: degree received; date of degree; academic credit hours earned for the degree prior to January 1, 2008 and after December 31, 2007; the institution(s) from which the degree was earned; the educational loans that qualify for the credit; the educational loan payments made by you or your employer during the tax year that qualify for the credit; any other information necessary to substantiate the credit claimed.
For additional Information, please visit the University of Maine System website or www.opportunitymaine.org