Governor Signs Opportunity Maine Bill

Press Release

Governor Signs Opportunity Maine Bill

Governor John E. Baldacci today signed LD 1856, "An Act To Allow a Tax Credit for College Loan Repayments," called the Opportunity Maine bill.

"Opportunity Maine is a prime example of the innovation and commitment that young people have to the state of Maine," said Governor Baldacci. "Mainers love this state and want to stay here after graduation. That's what this bill is all about. These are our future leaders, and we can't afford to lose them."

The Governor said the importance of education was instilled in him at an early age. "My parents raised eight of us, and they made clear the importance of education," said Governor Baldacci. "With a quality education, you have a better chance of hanging out a shingle for your own business and finding success throughout your life. This legislation gives us the tools to offer more to our young people - a fresh start right here at home."

The initiated bill recognizes that student loans are a significant burden to many graduates as they enter the work force, and that assistance in helping them pay off their student loans will help keep them in Maine to work and be productive citizens.

The bill creates a new tax credit for Maine graduates who choose to stay in Maine to work. The legislation also enables the employers of these graduates to pay off student loans.

"For four years, my administration has worked hard and maintained tight budget discipline," said Governor Baldacci. "Now that's paying off, and we can put more resources into tax relief and higher education. This is about our generation helping the next one. We're telling our students: If you live, work and pay taxes in Maine, you're not going to have this student debt hanging around your neck."

The Governor also said this initiative helps Maine businesses, providing for them a well-educated work force.

"This is a wise investment in our children's future and our state's economic future, and I believe it will pay huge dividends," said Governor Baldacci.

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