Code of Maine Rules
18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES
125 - BUREAU OF REVENUE SERVICES
Chapter 812 - CREDIT FOR EDUCATIONAL OPPORTUNITY
Section 125-812-.06 - CREDIT ALLOWED IN THE EVENT OF FORBEARANCE OR DEFERMENT
Current through 2024-38, September 18, 2024
For tax years beginning on or after January 1, 2020, the payment amount considered due for purposes of 36 M.R.S. §5217- D(2)(B) for any month of the taxable year in which the qualified individual's or qualified employee's required student loan payment is suspended due to forbearance or deferment is equal to the student loan payment amount that would be due but for forbearance or deferment, as established by supporting documentation provided to the Assessor that establishes that amount.
A. Variable Payment Amount. For loans with a payment amount due that varies from month to month, the monthly payment amount considered due during forbearance or deferment is calculated using the average student loan payment due during the months of the taxable year in which the loans were not in forbearance or deferment. If the loans were in forbearance or deferment for the entire taxable year and the amount otherwise due is not known, the monthly payment amount considered due during forbearance or deferment is equal to the benchmark loan payment as determined under 36 M.R.S. §5217- D(1)(A).
B. Payment Amount Unknown. If the taxpayer does not establish the student loan payment amount that would be due but for forbearance or deferment by providing sufficient supporting documentation to the Assessor, the monthly payment amount considered due during forbearance or deferment is equal to the benchmark loan payment as determined under 36 M.R.S. §5217- D(1)(A).
