summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to providing for certain student loan repayment income tax deductions. Revenue.
AI Summary
This bill provides certain income tax deductions and tax credits for businesses that offer student loan repayment assistance to their employees. Specifically, it allows individuals to deduct from their state income taxes the amount of student loan payment assistance they receive from their employer. Additionally, it provides a tax credit to businesses equal to 100% of the student loan assistance they provide to their employees, up to $4,500 per employee per year. The bill aims to incentivize employers to help their employees pay off their student loans, which can be a significant financial burden for many individuals.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Accompanied a study order, see H4894 (on 09/22/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H2887 |
| Bill | https://malegislature.gov/Bills/192/H2887.pdf |
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