LD 1594
pg. 2
Page 1 of 4 An Act To Provide an Income Tax Exemption to Recent College Graduates Who Work ... Page 3 of 4
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LR 2231
Item 1

 
6.__Qualified business.__"Qualified business" means a business
that is located in this State.

 
7.__Postsecondary educational institution.__"Postsecondary
educational institution" includes public and private
postsecondary educational institutions and postgraduate
institutions.

 
§6603.__Program administration

 
The program is administered by the bureau.

 
§6604.__Eligibility for program

 
A person is eligible to participate in the program if that
person meets the requirements of this section.

 
1.__Employee of qualified business.__The person holds an
eligible employment position.

 
2.__Graduate within previous 4 years.__The person must have
obtained a degree no earlier than 4 years prior to the
commencement of employment in an eligible employment position.

 
3.__Commitment.__The person must commit to a minimum of 4
years of employment with a qualified business.

 
4.__Education loan.__The person must have an outstanding
education loan.

 
§6605.__Application; loan payment deduction

 
1.__Application; notice to employer.__An eligible graduate may
participate in the program by applying to the bureau through
application forms obtained from the qualified business.__Upon
acceptance of the eligible graduate into the program, the bureau
shall notify the qualified business of the eligible graduate's
participation.__Payments made pursuant to subsection 2 by the
employer must be reported to the bureau.

 
2.__Loan payment deduction.__Notwithstanding any other
provision of this Title, a qualified business that employs an
eligible graduate accepted into the program shall, not fewer than
4 times each year, forward the Maine taxes withheld from the
eligible graduate's pay for the previous quarter to the financial
institution holding the eligible graduate's education loan.__The
amount withheld pursuant to this subsection must be equal to
withholding at the Maine single individual income tax rate.__An
eligible graduate may elect to have a greater amount withheld and
forwarded.


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