Qualified applicants: Maryland taxpayers who have incurred at least $20,000 in undergraduate and/or graduate student loan debt, and have at least $5,000 in outstanding student loan debt at the time of applying for the tax credit.
Recipients of the Student Loan Debt Relief Tax Credit must, within two years from the close of the taxable year for which the credit applies, pay the amount awarded toward their college loan debt and provide proof of payment to MHEC. Inability to do this can lead to recapture of one’s tax borrowing from the bank returning to the official.
Please note : The school loan recovery rules in effect don’t have any impact on the fresh new Student loan Credit card debt relief Income tax Credit system. Leer más «How does MHEC select whom receives the Tax Borrowing?»