An Act To Replace the Educational Opportunity Tax Credit with the Student Loan Repayment Credit for Maine Residents
Maine Legislature, Session 128, LD 1537
Committee Amendment CA_A-SA_A_S478 (Senate)
Amends: 20-A MRSA §12541

SENATE AMENDMENT "A "to COMMITTEE AMENDMENT "A" to H.P. 
1057, L.D. 1537, Bill, "An Act To Replace the Educational Opportunity Tax Credit with 
the Student Loan Repayment Credit for Maine Residents" 
Amend the amendment by striking out all of the first and 2nd paragraphs after the 
title (page 1, lines 12 to 15 in amendment) and inserting the following: 
'Amend the bill by striking out all of sections 2 and 3 (page 1, lines 8 to 19 in L.D.) 
and inserting the following: 
'Sec. 2. 20-A MRSA §12541, sub-§8, as enacted by PL 2013, c. 525, §5, is 
amended to read: 
8. Qualified employee. 
11Qualified employee
has the same meaning as in Title 36, 
section 5217-D, subsection 1, paragraph E, except that for tax years beginning on or after 
January 1, 2019, "qualified employee" has the same meaning as in Title 36, section 
5217-E, subsection 1, paragraph G. 
Sec. 3. 20-A MRSA §12541, sub-§9, as enacted by PL 2013, c. 525, §6, is 
amended to read: 
9. Qualified individual. "Qualified individual" has the same meaning as .in Title 36, 
section 5217-D, subsection 1, paragraph G, except that for tax years beginning on or after 
January 1, 2019, "qualified individual
has the same meaning as in Title 36, section 
5217-E, subsection 1, paragraph H.'' 
Amend the amendment on page 3 by inserting after the 3rd indented paragraph the 
following: 
'Amend the bill in section 5 in §5217-E in subsection 1 in paragraph Din the 7th line 
(page 2, line 9 in L.D.) by inserting after the following: 
11portion of the" the following: 
'education' ' 
Amend the amendment on page 3 by inserting after division ( c) the following: 
'Amend the bill in section 5 in §5217-E in subsection 2 in paragraph A in the 4th and 
5th lines (page 3, lines 22 and 23 in L.D.) by strildng out the following: "Payment of 
loan amounts in excess of the amounts due during the taxable year does not qualify for 
the credit." 
SENA TE AMENDMENT 
. ,,. 
~· 
SENATE AMENDMENT" A 
"to COMMITTEE AMENDMENT "A" to H.P. 1057, L.D. 1537 
Amend the bill in section 5 in §5217-E in subsection 2 by adding after paragraph B 
the following: 
1C. A taxpayer entitled to a credit for any taxable year may carry over and apply to 
tax liability for any one or more of the next succeeding 5 years the portion, as 
reduced from year to year, of any unused credits. 1 1 
Amend the amendment on page 3 in the 5th indented paragraph in the last line (page 
3, line 23 in amendment) by striking out the following: 
11paragraph B (page 3, lines 34 to 
in L.D.)11 and inserting the following: 'paragraphs A and B (page 3, lines 31 to 36 in 
L.D.)' 
Amend the amendment on page 3 by inserting after the 5th indented paragraph the 
following: 
'A. The amount paid on eligible education loans during the taxable year; and' 
SUMMARY 
This amendment provides that the annual credit may include loan amounts paid in 
excess of the amount due during a taxable year. The amendment also provides that 
credits in excess of those that may be used during a taxable year may be carried over for 
the next succeeding 5 years. 
This amendment also makes tee 
SPONSORED BY: 
., 
, , t vv;,, /' tt _."'-
(Senator VOLK) 
COUNTY: Cumberland 
SENATE AMENDMENT 
Approved: 04/17/18 .feac. 
LD 1537 
LR 726(10) 
An Act To Replace the Educational Opportunity Tax Credit with the Student Loan Repayment Credit 
for Maine Residents 
Fiscal Note for Senate Amendment ''A,' to Committee Amendment "A" 
Sponsor: Sen. Volk of Cumberland 
Net Cost (Savings) 
General Fund 
Revenue 
General Fund 
Other Special Revenue Funds 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
Projections 
FY 2017-18 
FY 2018-19 
. FY 2019-20 
$0 
$0 
$0 
$0 
$0 
$0 
$0 
$0 
$0 
Projections 
FY 2020-21 
$2,850,000 
($2,850,000) 
($150,000) 
The amendment provides that under the new Sudent Loan Repayment Credit for Maine Residents any unused credit in 
any taxable year can be carried forward and used in the succeeding 5 tax years. It would reduce General Fund 
revenue by $2,850,000 and reduce Local Government Fund revenue by $150,000 in fiscal year 2020-21. 
LR0726(10) - Fiscal Note - Page 1 of 1