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.
The refundable credit is equal to:
- the eligible education loan payments paid by the qualified individual directly to the lender with respect to loans that are part of the qualified individual’s financial aid package during the tax year; plus
- the amount of unused Educational Opportunity Tax Credit (EOTC) amounts carried forward from prior tax years that does not exceed the 10-year carryforward limit.
- The credit is limited to $2,500 annually, up to $25,000 lifetime, per taxpayer.
Qualified individual
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