Bill > H3035

This bill amends Massachusetts tax law to expand the definition of education-related debt that can be deducted from state income taxes. Specifically, the bill adds "graduate education debt" to the existing provisions that allow tax deductions for education-related expenses. The bill precisely defines "graduate education debt" as a loan administered by a non-profit institution's financial aid office for a graduate or professional degree program, which can be from a state, federal, or commercial lender, and was used exclusively to pay for tuition and directly related educational expenses for the taxpayer or their dependent. By expanding the tax deduction to include graduate student loans, the bill aims to provide financial relief for individuals pursuing advanced degrees by offering a potential tax benefit that could help offset the significant cost of graduate education. This change could make graduate education more financially accessible by providing a modest tax advantage to students and recent graduates with graduate-level student loan debt.

Budget and Finance

https://malegislature.gov/Bills/194/H3035