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An Act To Extend the Refundability of the Educational Opportunity Tax Credit to Students in the Behavioral Health Field
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5217-D, sub-§3, as amended by PL 2017, c. 170, Pt. D, §8, is further amended to read:
 
3. Calculation of the credit; qualified individuals.    Subject to subsection 2 and except as provided in this subsection, the credit with respect to a qualified individual is equal to the amount determined under paragraph A or paragraph B, whichever is less, multiplied by the proration factor:
 
A.  The benchmark loan payment multiplied by the number of months during the taxable year in which the taxpayer made loan payments; or
 
B.  The monthly loan payment amount multiplied by the number of months during the taxable year in which the taxpayer made loan payments.
 
The credit under this subsection for a qualified individual under subsection 1, paragraph G, subparagraph (1), division (a) who transferred to an accredited Maine community college, college or university from an accredited non-Maine community college, college or university after December 31, 2012 but before January 1, 2016 and who earned no more than 30 credit hours of course work toward the degree at an accredited non-Maine community college, college or university is equal to 50% of the amount otherwise determined under this section in the case of an associate degree and equal to 75% of the amount otherwise determined under this section in the case of a bachelor's degree.
 
Notwithstanding subsection 2, paragraph C, the credit under this subsection is refundable to the extent the credit is based on loans included in the financial aid package acquired to obtain a bachelor's degree or associate degree in science, technology, engineering or mathematics or for tax years beginning on or after January 1, 2019 to obtain a bachelor's degree or associate degree in a behavioral health field. For tax years beginning on or after January 1, 2016, the credit under this subsection is refundable to the extent the credit is based on loans included in the financial aid package acquired to obtain an associate degree.
 
For purposes of this subsection, the proration factor is the amount derived by dividing the total number of academic credit hours earned for an associate, bachelor's or graduate degree after December 31, 2007 by the total number of academic credit hours earned for the associate, bachelor's or graduate degree.
 
SUMMARY
This bill provides that students receiving bachelor's degrees or associate degrees in a behavioral health field are entitled to a refundable income tax credit for certain education loans in the same manner as students receiving degrees in science, technology, engineering or mathematics.