MA H2450

Bill

Promoting student loan repayment

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to providing for certain student loan repayment income tax deductions. Revenue.

AI Summary

This bill aims to provide income tax deductions and corporate tax credits for employers who offer student loan repayment assistance to their employees. Specifically, it allows individuals to deduct the amount of student loan payment assistance received from their employer, and it provides a 100% tax credit to businesses that offer this benefit, up to $4,500 per qualifying employee per year. The bill defines "qualified education loan" and "qualified employee" for the purposes of these tax provisions. This legislation is intended to incentivize employers to help their employees pay off their student loans.

Committee Categories

Budget and Finance

Sponsors (13)

Donnie Berthiaume (R), William Crocker (R), Marcos Devers (D), Peter Durant (R), Ryan Fattman (R), David Linsky (D), Joe McGonagle (D), Joe McKenna (R), Paul McMurtry (D), Dave Muradian (R), Matt Muratore (R), Shaunna O'Connell (R), Dave Robertson (D),

Last Action

Accompanied a study order, see H5040 (on 10/15/2020)

Official Document

https://malegislature.gov/Bills/191/H2450

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H2450
Bill	https://malegislature.gov/Bills/191/H2450.pdf

Bill	Bill Name	Last Action	Type
H1248	Establishing a commission to study student loan debt relief programs	Accompanied a study order, see H5209	Similar To
H2456	Encouraging home ownership by establishing a first time home buyers savings account	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H2491	Relative to charitable donations	Accompanied a study order, see H5128	Similar To
H2537	To create an income tax deduction for municipal and school fees	Accompanied a study order, see H5128	Similar To
H5040	Study Order - Property Taxes	Discharged to the committee on House Rules	Replaced by
S1120	Relative to the repayment of student loans for mental and behavioral healthcare workers	Accompanied a study order, see S2541	Similar To
S1615	Relative to the income tax deduction for charitable giving	Accompanied a study order, see H5080	Similar To
S1649	Promoting student loan repayment	Accompanied a study order, see H5040	Similar To
S2428	Relative to a loan repayment program for human service workers	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To

Bill > H2450

MA H2450

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (13)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary