Opportunity Maine - Tax Credit

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 2013 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

For more information on the Opportunity Maine Program, go to http://opportunitymaine.org.

Bachelor's Degree Grad year

Benchmark Loan Payment
2008* $360
2009* $368
2010^ $343
2011^ $344
2012^ $342
2013^ $356

* 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

When claiming the credit make sure to have the following when going to see your tax adviser:

  • Transcript
  • Photo copy of their diploma or other proof of graduation (this is new this year)
  • Copy of this worksheet - printable version
  • History of payments to the loan service

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.