An Act To Provide Low-Interest Loans For Accredited College Graduates Entering Trade Professions And An Employer Tax Credit For Trade Tool Reimbursements

This bill creates a low-interest loan program for graduates of accredited colleges entering trade professions, offering up to $20,000 at 2% annual interest with a maximum 10-year repayment term, plus potential loan forgiveness after five years of full-time employment in the trade. It also establishes a 25% tax credit for employers who reimburse trade tool costs for eligible employees within their first year of employment, subject to certification by Maine's Finance Authority. The program is funded through a dedicated nonlapsing "Loans for Trade Tools Fund" that receives state appropriations and loan repayments. The Finance Authority of Maine will administer both the loan program and employer certification process, with outreach efforts to inform students, families, and colleges about the initiative.