Code of Maryland Regulations
Title 13B - MARYLAND HIGHER EDUCATION COMMISSION
Subtitle 08 - FINANCIAL AID
Chapter 13B.08.17 - Student Loan Debt Relief Tax Credit
Section 13B.08.17.02 - Definitions
Current through Register Vol. 51, No. 6, March 22, 2024
A. In this chapter, the following terms have the meaning indicated.
B. "Commission" means the Maryland Higher Education Commission.
C. "Comptroller" means the Comptroller of Maryland.
D. "Debt burden" means the amount a qualified taxpayer is currently obligated to pay for a student loan debt.
E. "Income" means the adjusted gross income reported by a qualified taxpayer on their federal tax return in the tax year immediately preceding the year the taxpayer applies for the Student Loan Debt Relief Tax Credit.
F. Lender.
G. "Secretary" means the Maryland Secretary of Higher Education.
H. "Student loan debt" means an individual's obligation to repay a lender for monies borrowed by the individual to pursue an undergraduate or graduate education at an institution of higher education that is accredited by an accrediting body recognized by the United States Department of Education.
I. "Student Loan Debt Relief Tax Credit" means the tax credit authorized under Tax-General Article, § 10-740, Annotated Code of Maryland.
J. "Qualified taxpayer" means an individual who has:
K. "Undergraduate or graduate education " means credit-bearing coursework towards an associate's degree, a bachelor's degree, or a degree or certificate above the bachelor's level, including but not limited to a master's degree and a doctorate degree.