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But the most northeastern state of the United States does not seem to have enough young people to settle there.
The officials have found the ultimate incentive: move to Maine and they will help you repay your student loans.
"Over time, the employer community has been saying loud and clear that even though 100% of higher education graduates in Maine decided to stay here and work, it would not (always) meet our needs. in manpower, "said Nate Wildes, director of the private sector engagement-sector initiative Live + Work in Maine, told CNN.
When you move to Maine, the money you spend each year to pay off your student debt is subtracted from your income taxes.
For example, if you pay $ 1,800 on your loan and owe $ 2,000 in taxes, you will only pay $ 200 in Maine.
"We have to import people," said Wildes. "We must attract people from other states for our workforce."
STEM majors – who study science, technology, engineering and mathematics – could even receive a government check – if the amount of their borrowings was greater than their taxes. The non – STEM majors fall under a non – refundable tax credit program, which means they would have to pay $ 0 in state tax in the same scenario.
How the program helps
Matthew Glatz was a STEM student when he graduated from the University of Southern Maine. He also had $ 60,000 in student loans, he told CNN.
After graduation, Glatz did not waste any time to enroll in the tax credit program, he said. He now owns his own restaurant and food truck business, SaltBox Cafe, and since he's independent, he's more in control of student loan payments and repayment amounts.
Most Maine university graduates, he said, are familiar with the program – and more out-of-state people need to find out.
"It's fantastic," said Glatz. "Maine is a great place to live and work, and any incentive you have to show people and make them understand that it's a benefit."
Why Maine needs to attract workers
Pine Tree State is at the top of the charts with the country's oldest population. The median age in Maine is 44, five years older than the median age in the rest of the United States.
State legislators have therefore decided that they need a way to start attracting young minds to the labor market.
"This is a substantial financial investment from the state, which represents several million dollars," said Wildes. "But we recognize that student loans are a heavy financial and emotional burden."
"The message to employees is this: we appreciate all you have done to invest in yourself, and we want to use this talent to reward you not only by giving you a job, but by reducing your student debt."
Wildes knows it because he moved to Maine partly because of the initiative.
"The tax credit program was the solution to make the transition much easier," he said. "It says a lot about the financial benefits, but also about Maine culture."
It's the only program of its kind at the state level, he said. Similar programs are linked to individual schools or geographical areas.
"From this perspective, Maine is light years away," said Wildes. "It is by far the most general universal tax relief program in the United States."
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