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Appropriations and Taxation committees hold joint public hearing on supplemental budget

3/4/2022

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On Wednesday, the Joint Standing Committees on Appropriations & Financial Affairs and Taxation held a joint public hearing on LD 1995, An Act to Make Supplemental Appropriations and Allocations for the Expenditures of State Government, General Fund and Other Funds and to Change Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Years Ending June 30, 2022 and June 30, 2023.
A Governor’s bill sponsored by Rep. Teresa Pierce, LD 1995 would attempt to simplify the current tax credit under the Job Creation Through Educational Opportunity Program (JCTEOP) by providing a refundable tax credit to qualified individuals of up to $2,000 of an individual’s repayment of student loans for taxable years on or after January 1, 2022. Unused credits under the previous JCTEP can be applied to the new credit for tax years beginning before January 1, 2027, subject to the annual $2,000 cap. The proposed change would expand the credit to roughly 40,000 individuals (about 13,000 use it now) and inserts a lifetime cap of $25,000.  Currently, the credit is $2,500, and there is no lifetime cap. 

Many legislators expressed concerned about participants who would lose benefits under the new lower credit and asked the Commissioner of the Maine Department of Administrative and Financial Services, Kirsten Figueroa, whether there is potential for those folks to be grandfathered under the existing credit. There was public testimony to that point as well. 

The Joint Standing Committee on Taxation will now hold a work session on the taxation provisions in LD 1995.  It was agreed that the Taxation committee should look into a potential grandfathering aspect of the credit in their deliberations on LD 1995 and report back to the Appropriations committee. 

If you have any questions, please contact Linda Caprara, senior government relations specialist, by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
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  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
  • Member Login