Bill > S1649

This bill aims to promote student loan repayment by providing tax incentives to businesses. It allows businesses to claim a tax credit of up to $4,500 per qualified employee for providing student loan payment assistance, which is defined as the payment of principal or interest on a qualified education loan. The credit can be carried over and applied against the business's tax liability for up to five succeeding taxable years. The bill also exempts the student loan payment assistance received by employees from state income tax. This is intended to encourage businesses to offer student loan repayment benefits to their employees and help alleviate the financial burden of student debt.

Budget and Finance

https://malegislature.gov/Bills/191/S1649