Bill > A01603

This bill creates a tax credit for employers who help reduce the government education loans of their employees, as well as a tax credit for employees whose employers provide such loan reductions. The credit amount is equal to the employer's payment towards the employee's government education loan or interest, up to $10,000 per employee. The credits can be claimed against the employer's and employee's state corporate and personal income taxes, respectively, and any excess credit can be treated as an overpayment to be refunded. The bill applies to taxable years beginning on or after January 1 following the date the bill becomes law.