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

1/17/2017

Carmine L. Gentile

13th Middlesex

1/17/2017

José F. Tosado

9th Hampden

1/17/2017

Jason M. Lewis

Fifth Middlesex

1/17/2017

Tackey Chan

2nd Norfolk

1/17/2017

James B. Eldridge

Middlesex and Worcester

1/17/2017

Barbara A. L'Italien

Second Essex and Middlesex

1/17/2017

Adam G. Hinds

Berkshire, Hampshire, Franklin and Hampden

1/17/2017

Kenneth I. Gordon

21st Middlesex

1/17/2017

Jay D. Livingstone

8th Suffolk

1/17/2017

Daniel Cullinane

12th Suffolk

1/17/2017

Mary S. Keefe

15th Worcester

1/17/2017

Sal N. DiDomenico

Middlesex and Suffolk

1/17/2017

Carlos González

10th Hampden

1/17/2017

Daniel J. Hunt

13th Suffolk

1/17/2017

Adrian Madaro

1st Suffolk

1/17/2017

Bruce E. Tarr

First Essex and Middlesex

1/17/2017


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.