Bill > H2673

This bill proposes to create a new income tax credit for Massachusetts residents, allowing them to claim a credit against their tax liability for a portion of the costs of qualified tuition and fees for higher education. Specifically, individuals can receive a credit of up to 20% of these educational expenses, with a maximum credit of $5,000 per tax year. Any unused portion of this credit can be carried forward and applied to reduce tax liability in the following seven tax years. This provision aims to provide financial relief to individuals pursuing higher education by reducing their tax burden.