Maryland’s comptroller, Peter Franchot, asked residents to submit applications for the Student Loan Debt Relief Tax Credit by September 15 on Aug. 23.
“Many Marylanders may feel as though attending college is out of their price range due to the hefty expense, but tax credits like this make it attainable. I encourage everyone to apply before the deadline passes “added Franchot. Any effort to reduce the price of higher education will be advantageous.
For Maryland citizens paying qualified undergraduate and/or graduate education loans from an accredited college or university, the programme, which is run by the Maryland Higher Education Commission, offers an income tax credit.
You must have filed Maryland state income taxes for the 2022 tax year, claimed Maryland residency, racked up at least $20,000 in undergraduate and/or graduate student loan debt, and had at least $5,000 left over in student loan debt when you applied for the tax credit in order to be qualified.