MA H3030

Bill

To exempt taxes of forgiven student debt and encourage contributions to student tuition accounts

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to tax exemptions of certain forgiven student debt and tax credits for contributions to student tuition accounts. Revenue.

AI Summary

This bill proposes to exempt from income tax certain forgiven student loan debt, including debt forgiven through federal programs such as the Public Service Loan Forgiveness Program, income-driven repayment plans, and disability or death-related discharges. It also provides a tax credit of up to $1,000 per year for employers who make matching contributions to their employees' college savings or prepaid tuition programs, if the employee's income does not exceed 200% of the federal poverty level. The bill would apply to student loan discharges occurring on or after January 1, 2021 and for tax years beginning on or after January 1, 2022.

Committee Categories

Budget and Finance

Sponsors (9)

Steve Owens (D)*, Jamie Eldridge (D), Carmine Gentile (D), Jim Hawkins (D), Pat Jehlen (D), Brian Murray (D), Lindsay Sabadosa (D), Adam Scanlon (D), Erika Uyterhoeven (D),

Last Action

Accompanied a study order, see H4894 (on 09/22/2022)

Official Document

https://malegislature.gov/Bills/192/H3030

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/H3030
Bill	https://malegislature.gov/Bills/192/H3030.pdf

Bill	Bill Name	Last Action	Type
H2913	Relative to an income tax exemption for survivors of terrorism who have lost one or more limbs	Accompanied a study order, see H5244	Similar To
H2948	Relative to the tax exemption status of municipal employee pensions	Accompanied a study order, see H5043	Similar To
H2982	To exempt certain veterans from the state tax	Accompanied a study order, see H5250	Similar To
H4894	Study Order	No further action taken	Replaced by
S1827	Excluding student loan forgiveness from taxable income for permanently and totally disabled veterans	Accompanied H2883	Similar To
S1833	Relative to exemptions from taxation of structures and buildings essential to the operation of agricultural and horticultural lands	Accompanied a study order, see H5247	Similar To
S1940	Relative to the separation of cranberry bogs from agricultural use for renewable energy purposes	Accompanied a study order, see H4934	Similar To
S1977	Relative to veterans tax exemptions	Accompanied a study order, see H5248	Similar To
S1991	Relative to exempting certain medical supplies from the state sales tax	Accompanied a study order, see H5248	Similar To
S2455	Relative to 100% disabled veteran motor vehicle tax exemptions	Accompanied a study order, see H5248	Similar To

Bill > H3030

MA H3030

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (9)

Last Action

Official Document

bill text

bill summary

bill summary

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