An Act To Establish an Education and Skills Training Tax Credit for Veterans
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5217-E is enacted to read:
§ 5217-E. Education and skills training tax credit for veterans
1. Credit allowed. A taypayer who is a veteran as defined in section 653, subsection 1, paragraph E is allowed a credit against the tax otherwise due under this Part of up to $1,200 annually for payments made by the veteran to cover the cost of completed education, including continuing education and skills training, necessary to obtain, retain or improve employment if the payments are not reimbursable by the Federal Government or are not reimbursed by any other source.
2. Limitations. The total credits received by a veteran under this section over the veteran's lifetime may not exceed $2,400. A credit must be claimed within 10 years after cessation of the veteran's military service.
summary
This bill provides an income tax credit to veterans to cover the costs of education and skills training necessary to obtain, retain or improve employment if the costs are not reimbursable by the Federal Government or are not reimbursed by any other source. The credit may not exceed $1,200 annually or $2,400 over the lifetime of the veteran.