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18                    DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES

 

125                  BUREAU OF REVENUE SERVICES

 

Chapter 812:  CREDIT FOR EDUCATIONAL OPPORTUNITY

 

 

SUMMARY: This rule explains in further detail the Maine income tax credit for educational opportunity pursuant to 36 M.R.S.A. § 5217-D.

 

 

Outline of Contents:

 

.01       Generally

.02       Science, technology, engineering or mathematics

.03       Degree program list

.04       Application date

 

 

.01       Generally

 

            A taxpayer who is an opportunity program participant or the employer of such a participant may claim the Maine income tax credit for educational opportunity, for certain educational loan payments related to the award of certain associate or bachelor’s degrees.  The credit allowed to an opportunity program participant is refundable if that participant obtained an associate degree or bachelor’s degree in science, technology, engineering or mathematics from an accredited Maine community college, college, or university.  See 36 M.R.S.A. § 5217-D(2)(D).

 

.02       Science, technology, engineering or mathematics

 

A degree in science, technology, engineering or mathematics (“STEM”) means an associate or bachelor’s degree with a major (or if no major is awarded, an equivalent concentration) as recognized by the participant’s accredited Maine community college, college or university limited to the following courses of study:

 

A.                 Animal, food or plant science, archeology, biology, chemistry, computer and information sciences, environmental science or physical, earth or marine sciences;

 

B.                 Architectural engineering technology, biotechnology, clinical or medical technologies, communications technology, computer technology, construction engineering technology, drafting and design technology, electrical engineering technology, electromechanical engineering technology, science technology or telecommunications technology;

 

C.                 Chemical, civil, construction, electrical, forest, industrial, mechanical, naval or surveying engineering; or

 

D.                 Economics, mathematics or statistics.

 

 

 

 

.03       Degree program list

 

The appearance of the participant’s degree listed above in section .02 on the United States Department of Homeland Security, Immigration and Customs Enforcement STEM-designated Degree Program List is presumptive evidence that the degree awarded qualifies as a degree in science, technology, engineering or mathematics. 

 

.04       Application date

 

            This Rule applies to income tax years beginning on or after January 1, 2013.

 

 

 

STATUTORY AUTHORITY: 36 M.R.S.A. §§ 112, 5217-D

 

EFFECTIVE DATE:

            xxxx