Bunt_Casket
Bunt_Casket t1_j1k8qsz wrote
Reply to Is anyone taking advantage of the new Student Loan Repayment Tax Credit (SLRTC) for tax year 2022? by happyharrr
Some helpful additional information: https://www.maine.gov/revenue/faq/student-loan-repayment-tax-credit
Bunt_Casket t1_j1k876f wrote
Reply to comment by _Schneebley in Is anyone taking advantage of the new Student Loan Repayment Tax Credit (SLRTC) for tax year 2022? by happyharrr
I just checked the statute (http://www.mainelegislature.org/legis/statutes/36/title36sec5217-E.html), it looks like the yearly refund max is $3,500 for people who had previously received a credit from the EOTC with a STEM degree. Anything in addition to the $2,500 yearly SLRTC cap does NOT count against the $25,000 total SLRTC cap.
Good news, kinda?
Disclaimer: I am not a lawyer or smart
Bunt_Casket t1_j1k9575 wrote
Reply to comment by snackexchanger in Is anyone taking advantage of the new Student Loan Repayment Tax Credit (SLRTC) for tax year 2022? by happyharrr
From the new tax credit statute, worth looking in to in your case:
"... Refinanced loans or consolidated loans that are part of the qualified individual's financial aid package are eligible for the credit under this section if the refinanced loans or consolidated loans remain separate from other debt, but only in proportion to the portion of the loan payments that are otherwise eligible under this section."