Senate Enacts “Opportunity Maine” Legislation
June 20, 2007
Bill now goes to Governor Baldacci for consideration
AUGUSTA—The Maine Senate Wednesday night voted 27-8 to enact legislation that would provide a tax credit to reimburse educational loan payments for any Maine resident who earns a college degree in Maine. Maine residents who live and work in Maine after earning their degree would be eligible to receive the tax credit.
Senator Peter Bowman, D-York County, who is the Senate Chair of the Legislature’s Education Committee said, “The overwhelming support by the legislature for this initiative demonstrates our commitment to higher education in Maine.” Senator Bowman added, “I am hopeful this education tax credit will have a powerful impact retaining our highly skilled graduates.”
Senator Phil Bartlett, D-Cumberland County, who was a strong proponent of the proposal said, “Expanding access to higher education and encouraging college graduates is vital to our economic success.” “The strong support for the bill in both chambers is a testament to the soundness of the proposal. We owe the students doing this bill our gratitude for bringing this issue to the forefront,” added Senator Bartlett.
Senate Majority Leader Libby Mitchell, D-Kennebec County, who also serves on the Education Committee said, “I was blown away by the outpouring of support from the 73,000 Maine people who signed the petition to bring this issue forward.”
The Opportunity Maine legislation was presented to the legislature as a referendum proposal, but legislators opted to enact the proposal after it became clear there was overwhelming support for the referendum.
The credit for loans payments may be claimed for each year that person lives and works in Maine. The graduate’s employer can also choose to make the loan payments for their employee and take advantage of the credit themselves. The credit is limited to what the person actually pays in loan payments or to what would be necessary to pay for an education in the University of Maine System or Maine Community College System, whichever is less.
The bill now goes to Governor Baldacci for consideration.
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