Bill > H2812

This bill proposes to provide a student loan debt relief tax credit to qualified taxpayers in Massachusetts. Qualified taxpayers are individuals who have incurred at least $20,000 in undergraduate or graduate student loan debt and have at least $5,000 in outstanding student loan debt when applying for the credit. The credit, which cannot exceed $2,500 per taxpayer and $9 million in total, can be claimed by submitting an application to the Department of Higher Education by September 15 each year. The Department will prioritize recipients based on factors such as debt burden, in-state education, and prior receipt of the credit. If the credit exceeds the taxpayer's total tax liability, they can claim a refund for the excess amount. The Department of Higher Education is also required to establish an outreach and marketing plan to make eligible taxpayers aware of the availability of this tax credit.

Budget and Finance

https://malegislature.gov/Bills/192/H2812