Income Tax - Student Loan Debt Relief Tax Credit - Alterations

Summary

The bill revises the Student Loan Debt Relief Tax Credit so that borrowers only have to repay the portion of the credit they did not use to pay off loans, rather than the full credit. It also lets the Maryland Higher Education Commission give borrowers more time to prove they used the credit if they were in forbearance, unable to change repayment plans, or waiting for a federal forgiveness program. The changes apply to Maryland residents who have at least $20,000 in student‑loan debt and $5,000 still outstanding when they apply.

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