Maryland SB805 alters the Student Loan Debt Relief Tax Credit to prioritize certain graduates and limit credit amounts.

Maryland SB805 modifies the Student Loan Debt Relief Tax Credit to prioritize tax credits for state employees who graduated from institutions where at least 40% of attendees are eligible for federal Pell Grants. The Maryland Higher Education Commission must establish an outreach plan to inform eligible taxpayers about the credit. The credit amount is capped at $5,000 per taxpayer, with a total cap of $9,000,000 for 2025 and $18,000,000 for subsequent years.

Maryland SB805 alters the Student Loan Debt Relief Tax Credit to prioritize certain graduates and limit credit amounts.

Maryland SB805 modifies the Student Loan Debt Relief Tax Credit to prioritize tax credits for state employees who graduated from institutions where at least 40% of attendees are eligible for federal Pell Grants. The Maryland Higher Education Commission must establish an outreach plan to inform eligible taxpayers about the credit. The credit amount is capped at $5,000 per taxpayer, with a total cap of $9,000,000 for 2025 and $18,000,000 for subsequent years.