HOUSE DOCKET, NO. 778        FILED ON: 1/17/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1579

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Paul W. Mark

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to employer student loan contribution.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Paul W. Mark

2nd Berkshire

1/17/2017

Chris Walsh

6th Middlesex

 

Carmine L. Gentile

13th Middlesex

 

José F. Tosado

9th Hampden

 

Jason M. Lewis

Fifth Middlesex

 

Tackey Chan

2nd Norfolk

 

James B. Eldridge

Middlesex and Worcester

 

Barbara A. L'Italien

Second Essex and Middlesex

 

Adam G. Hinds

Berkshire, Hampshire, Franklin and Hampden

 

Kenneth I. Gordon

21st Middlesex

 

Jay D. Livingstone

8th Suffolk

 

Daniel Cullinane

12th Suffolk

 

Mary S. Keefe

15th Worcester

 

Sal N. DiDomenico

Middlesex and Suffolk

 

Carlos González

10th Hampden

 

Daniel J. Hunt

13th Suffolk

 

Adrian Madaro

1st Suffolk

 

Bruce E. Tarr

First Essex and Middlesex

 


HOUSE DOCKET, NO. 778        FILED ON: 1/17/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1579

By Mr. Mark of Peru, a petition (accompanied by bill, House, No. 1579) of Paul W. Mark and others relative to employer student loan contribution tax deductions.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

An Act relative to employer student loan contribution.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 1: (a) An employer shall be permitted a deduction against the taxes imposed pursuant to chapter 63 of the General Laws for student loan payment assistance made to employees. The deduction allowed under this section applies only to student loans incurred by a qualified employee while attending an accredited institution of higher education, for principal or interest on a qualified education loan, as defined by sec. 221 of the Code.

(b) The employer is permitted a tax deduction not to exceed $3,600.00 per qualified employee in any tax year for which the employer makes student loan payment assistance directly to the employee or to the qualified loan holder on behalf of the employee. 

(c) Monies received by the employee from the employer for student loan payment assistance shall not be considered taxable income under Ch. 62, Sec 3 of the General Laws.