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 taxation of student loan repayments. Revenue.
AI Summary
This bill provides a tax credit to businesses in Massachusetts that offer student loan payment assistance to their qualified employees. The credit is equal to 100% of the student loan assistance paid, up to a maximum of $4,500 per employee per year. The bill defines "qualified education loan" as per Section 221 of the Internal Revenue Code, and "qualified employee" as an individual who has an employer-employee relationship with the business and is domiciled in Massachusetts. The credit can be carried forward for up to 5 years if it exceeds the business's tax liability in the current year.
Committee Categories
Budget and Finance
Sponsors (3)
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/H2784 |
| BillText | https://malegislature.gov/Bills/193/H2784.pdf |
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