summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
Relative to income tax deductions for certain education debts paid by employers. Revenue.
AI Summary
This bill aims to encourage employers to assist their employees in repaying student loans. It allows individuals to deduct up to $2,000 from their state income taxes for any principal payments on student loans that their employer makes on their behalf. Additionally, the bill allows businesses to deduct up to $2,000 per employee for such student loan payments they make on behalf of their Massachusetts resident employees when calculating their corporate income tax liability. The term "education debt" is defined as having the same meaning as in the existing state tax code.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H4727 (on 06/24/2024)
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/193/H2696 |
| BillText | https://malegislature.gov/Bills/193/H2696.pdf |
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