Bill > S1469

This bill amends Massachusetts General Laws Chapter 62, Section 3, Part B, Paragraph (a) to create a new tax deduction for employers who make principal payments on their employees' education debts. Specifically, employers can deduct the amount they pay towards an employee's student loan principal, up to a maximum of $3,600 per employee annually. The term "education debt" is defined as it is in a previously established provision, likely referring to student loans or similar educational expenses. This provision aims to encourage businesses to help their employees manage and repay their student loan obligations, thereby offering financial relief and potentially boosting employee retention and morale.