Bill > H2453

This bill proposes to amend Massachusetts General Laws Chapter 62, Section 3, to allow for an income tax deduction for interest paid on certain graduate student loans. Specifically, it adds the term "graduate education debt" to existing provisions related to debt deductions and then defines this term. Graduate education debt is defined as any loan administered by the financial aid office of a non-profit institution offering a graduate or professional degree program, where the taxpayer or their dependent was enrolled as a graduate or professional degree student. These loans must have been secured through a state student loan program, a federal student loan program, or a commercial lender, and obtained and used solely for tuition and other direct expenses related to that graduate or professional student enrollment. This change aims to provide financial relief to individuals burdened by the cost of advanced education.