An Act To Provide an Income Tax Deduction for Amounts Received as Loan Forgiveness under the Maine Dental Education Loan Program
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶FF, as corrected by RR 2009, c. 2, §112, is amended to read:
FF. To the extent included in federal adjusted gross income, student loan payments made by the taxpayer's employer in accordance with section 5217-D; and
Sec. 2. 36 MRSA §5122, sub-§2, ¶GG, as reallocated by RR 2009, c. 2, §113, is amended to read:
GG. To the extent included in the taxpayer's federal adjusted gross income, the recovery of a portion of a federal standard deduction claimed in a prior year for which the taxpayer was not allowed under this Part to reduce federal adjusted gross income or Maine adjusted gross income for that year . ; and
Sec. 3. 36 MRSA §5122, sub-§2, ¶HH is enacted to read:
HH. To the extent included in the taxpayer's federal adjusted gross income, the amount of loan forgiveness received by the taxpayer under the Maine Dental Education Loan Program under Title 20-A, section 12302.
Sec. 4. Application. This Act applies to tax years beginning on or after January 1, 2011.
summary
This bill provides an income tax deduction for amounts received as loan forgiveness under the Maine Dental Education Loan Program.