Why You Might See More and More Millennials Moving to Maine
There soon may be an influx of young people moving to Maine. Here's why:
The state of Maine will help pay off student loans to those college graduates who move to the northern New England state.
According to Bustle.com, Maine's Educational Opportunity Tax Credit program is working with college grads to pay off their student loans through a tax credit initiative.
An article from CNN says the Pine Tree State or Vacationland, whatever state logo you want to use, can't seem to attract young people to live in their state. Maine welcomes roughly 36 million tourists each year but the state wants some of those people to become permanent residents.
CNN reports the program began in 2008 as a retention tool for young professionals already living in Maine. It targeted Maine college grads and allowed them to use their loan payments as tax credits. However, 'over time, the employer community spoke out loud and clear that even if 100% of college graduates in Maine chose to stay here and work, that still (wouldn't) fulfill our workforce need.' This according to Nate Wildes, engagement director for the private-sector initiative Live + Work in Maine.
The program blossomed into an opportunity for out-of-state employees. So, say you move to Maine, the money you spend toward paying your student loan debt each year is subtracted from your state income taxes. Wildes says for instance, if you pay $1,800 toward your loan and owe the state $2,000 in taxes, you'll only end up paying Maine $200. 'We need to import people," Wildes said. "We need to attract people from other states for our workforce.'
All the info can be found on the Maine.gov website.