Bill > S2025

This bill establishes a Massachusetts student relief and retention tax credit designed to encourage college graduates to remain in the state after completing their degrees. The tax credit aims to support young professionals by providing financial incentives for those who have graduated from an accredited Massachusetts community college, college, or university and continue to reside in Massachusetts. Specifically, the credit allows qualified individuals to claim a tax reduction based on their monthly educational loan payments, with the credit amount varying depending on the level of degree obtained: $1,000 for associate degrees, $2,000 for bachelor's degrees, and $3,000 for graduate degrees. To be eligible, taxpayers must have made loan payments during a taxable year while being a Massachusetts resident for more than one full tax year. The underlying goal of this legislation is to attract and retain talented young professionals in the state by offering financial relief to those managing student loan debt, thereby supporting Massachusetts' long-term workforce development and economic growth strategies.

Budget and Finance

https://malegislature.gov/Bills/194/S2025