
From Bates History: Bib, trowel, and a pinback Bates button
Here are a few items from the Muskie Archives and Special Collections Library, including an item worn during autumn haze days decades ago.
The Opportunity Maine Program provides a state income tax credit for student loan payments made by graduates of Maine colleges who live, work and pay taxes in Maine.
Initially established by an act of the Maine State Legislature in 2007, the Opportunity Maine Program provides reimbursement of education-related loans through a tax credit available for qualified Maine taxpayers. The Maine Educational Opportunity Tax Credit applies only to loans associated with coursework completed after January 1, 2008. The tax credit is available for payments that graduates make on student loans, not payments made by parents on parent loans. Businesses that pay employees’ student loans as an employee benefit will also be able to claim the tax credit.
Because the Maine Educational Opportunity Tax Credit is a credit available to Maine income tax filers, the following guidelines apply at the time the taxpayer claims the credit:
A qualified Maine taxpayer may claim an Educational Opportunity Tax for the amount of qualified loans repaid in a given tax year up to a monthly benchmark loan payment established by the State Tax Assessor (Maine Revenue Service). Further, students who began their Maine college careers prior to January 1, 2008, must calculate a proration factor by dividing the total number of credit hours earned after December 31, 2007, by the 34 credits required to receive the Bates College degree.
Q. What do I need to apply for the credit?
A. You apply for the tax credit at the time you file your Maine Income Tax Return. The Maine Revenue Service will have a tax worksheet to complete. You will need a copy of your transcript, a listing of undergraduate loans you borrowed in pursuit of your degree, and proof of loans you repaid during the tax year.
Q. Can I pre-pay on my educational loans?
A. No. Prepayment makes the taxpayer ineligible for the Opportunity Maine credit.
Q. Can I consolidate my educational loans and still qualify?
A. Yes, as long as only undergraduate educational loans are consolidated and the total debt is equal to or less than the original debt.
Q. What if I misplace my tax credit documents and information?
A. You may get a copy of your transcript from the Bates Registrar. Your lenders or loan servicers will have information about your debt and repayment history and/or you can view your loan borrowing history through the Garnet Gateway.