Bill > H2695

This bill establishes a student loan debt relief tax credit in Massachusetts. Qualified taxpayers, defined as individuals who have incurred at least $20,000 in undergraduate or graduate student loan debt and have at least $5,000 in outstanding debt, can claim a credit against their state income taxes of up to $2,500 per year. The total amount of credits approved each year is capped at $9 million. The Department of Higher Education will prioritize credits based on factors such as debt burden, in-state education, and prior credit eligibility. If the credit exceeds the taxpayer's total tax liability, they can claim a refund. The Department is also required to implement an outreach and marketing plan to make eligible taxpayers aware of the credit.

Budget and Finance

https://malegislature.gov/Bills/193/H2695