![]() ![]() If you are eligible and have not yet done so, you can still claim the EOTC for tax years beginning on or after January 1, 2008, and not later than December 31, 2021.įor more information on this program, including how to apply for the tax credit, visit Maine Revenue Services. If you have unused credit carryover amounts or were eligible for the refundable STEM credit under the EOTC program, you can learn more about the phase out here. You must reduce the qualified education expenses by the amount of any tax-free educational assistance and refund(s) you received. Some of the qualified education expenses may include tuition, cost of books, supplies, equipment, disability services, as well as room and board (if the student is enrolled at least more than half-time). This deduction is available to individuals paying interest on student loans used for higher education and it can reduce the amount of your income subject to. There is a phase-out period from the previous EOTC program. Qualifying education expenses are the expenses that qualify for exemption from the 10 early withdrawal penalty. The Student Loan Repayment Tax Credit Worksheet to claim this tax credit for the 2022 tax year is now available! The program has a lifetime credit cap of $25,000. ![]() The revised program is available if you obtained an associate, bachelor’s, or graduate degree from any accredited community college, college, or university after December 31, 2007. The new SLRTC program provides an annual refundable tax credit of up to $2,500 to eligible Mainers who are repaying student loans and who live and work in Maine. Breadcrumb The Lifetime Learning Tax Credit The American Opportunity Tax Credit Tax Deductions - Tuition and Fees Student Loan Interest Deduction Qualified. ![]() The Student Loan Repayment Tax Credit (SLTC) replaces the Educational Opportunity Tax Credit (EOTC) – often referred to as Opportunity Maine – for tax years beginning on or after January 1, 2022. ![]()
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