An Act To Strengthen Maine's Economy through Improvements to the Educational Opportunity Tax Credit
Sec. 1. 20-A MRSA §12542, sub-§3-A, ¶A, as enacted by PL 2009, c. 553, Pt. A, §11, is amended to read:
Sec. 2. 36 MRSA §5217-D, sub-§2, as enacted by PL 2007, c. 469, Pt. B, §1, is amended to read:
The credit may not reduce the tax otherwise due under this Part to less than zero. The credit allowed by this section may result in a refund. A taxpayer entitled to the credit for any taxable year may carry over and apply to the tax liability for any one or more of the next succeeding 10 years the portion, as reduced from year to year, of any unused credits. More than one taxpayer may claim a credit based on loan payments actually made to a relevant lender or lenders to benefit a single opportunity program participant, but no 2 taxpayers may claim the credit based on the same payment.
summary
This bill amends the educational opportunity tax credit by removing restrictions on the term of eligible loans and by making the tax credit refundable.