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Bill > H1480

MA H1480

Promoting student loan repayment

summary

Introduced
01/23/2017
In Committee
01/23/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

Relative to providing for certain student loan repayment income tax deductions. Revenue.

AI Summary

This bill proposes to provide certain student loan repayment income tax deductions. It would allow individuals to deduct the amount of student loan payment assistance they receive from their employer during the taxable year, up to $4,500 per qualified employee. Additionally, the bill would provide a tax credit to businesses that offer student loan payment assistance to their qualified employees or directly to the holders of their employees' qualified education loans. The credit would be equal to 100% of the student loan assistance paid, up to $4,500 per qualified employee per tax year. This is intended to incentivize businesses to support their employees in repaying their student loans.

Committee Categories

Budget and Finance

Sponsors (41)

Brian Ashe (D),  Nick Boldyga (R),  Kate Campanale (R),  James Cantwell (D),  Gerry Cassidy (D),  Claire Cronin (D),  Diana Dizoglio (D),  Shawn Dooley (R),  William Driscoll (D),  Peter Durant (R),  James Dwyer (D),  Carolyn Dykema (D),  Ryan Fattman (R),  Paul Frost (R),  Sean Garballey (D),  Susan Gifford (R),  Solomon Goldstein-Rose (I),  Ken Gordon (D),  Jonathan Hecht (D),  Steven Howitt (R),  Randy Hunt (R),  Louis Kafka (D),  Kevin Kuros (R),  Barbara L'Italien (D),  John Lawn (D),  Jason Lewis (D),  Adrian Madaro (D),  Elizabeth Malia (D),  Joe McGonagle (D),  Joe McKenna (R),  Paul McMurtry (D),  Leonard Mirra (R),  Mike Moore (D),  Brian Murray (D),  Dave Rogers (D),  Jeff Roy (D),  Todd Smola (R),  Bruce Tarr (R),  Chris Walsh (D),  Timothy Whelan (R),  Donald Wong (R), 

Last Action

Accompanied a new draft, see H4214 (on 02/12/2018)
(6 Companion Bills)

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Document Type Source Location
State Bill Page https://malegislature.gov/Bills/190/H1480
Bill https://malegislature.gov/Bills/190/H1480.pdf
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