Eligible Maryland Taxpayers Should Submit Applications Now
A major tax relief program for Maryland taxpayers will close by mid-September and it’s essential to make sure that everyone who is eligible submits an application on time.
The Maryland Student Loan Debt Tax Relief Program provides an income tax credit for Maryland residents making eligible undergraduate and/or graduate education payments on loans from an accredited college or university.
- Claim Maryland residency for the 2021 tax year.
- File Maryland state income taxes.
- Have incurred at least $20,000 in student loan debt (undergraduate or graduate).
- Have at least $5,000 of that student loan debt still outstanding at the time of application.
Those who did not attend an in-state higher education institution are still eligible but may receive a smaller tax credit than those who attended an in-state institution.
This program is administered by the Maryland Higher Education Commission and is applicable to all eligible taxpayers in the State of Maryland.
For more information: https://mhec.maryland.gov
To apply online for the tax credit: https://onestop.md.gov/forms/student-loan-debt-relief-tax-credit-for-tax-year-2021-6089a2876bce330222afaea4
Matt Brady, CPA
Image Credits: The Needleman Law Office