Bill > S1858

This bill aims to promote student loan repayment by providing a tax credit to businesses that offer student loan payment assistance to their qualified employees. The key provisions include: 1. Allowing individuals to exclude from their personal income tax the amount of student loan payment assistance they receive from their employer, as defined in the Internal Revenue Code (IRC) Section 221. 2. Providing a tax credit to businesses equal to 100% of the student loan payment assistance they provide to their qualified employees, up to $4,500 per employee per year. This credit can be carried forward for up to 5 years. 3. Extending this tax credit to business corporations under the corporate income tax, with similar provisions as the personal income tax credit. The overall goal of the bill is to incentivize employers to offer student loan repayment benefits to their employees, which can help alleviate the burden of student debt and make it easier for individuals to manage their finances.

Budget and Finance

https://malegislature.gov/Bills/192/S1858