SENATE DOCKET, NO. 1042        FILED ON: 1/19/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1516

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Eileen M. Donoghue

_________________

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 encouraging employer student loan repayment.

_______________

PETITION OF:

 

Name:

District/Address:

 

Eileen M. Donoghue

First Middlesex

 

Rady Mom

18th Middlesex

2/1/2017

Walter F. Timilty

Norfolk, Bristol and Plymouth

2/1/2017

Barbara A. L'Italien

Second Essex and Middlesex

2/2/2017

James E. Timilty

Bristol and Norfolk

2/3/2017

Sheila C. Harrington

1st Middlesex

2/3/2017

Eric P. Lesser

First Hampden and Hampshire

2/3/2017

James Arciero

2nd Middlesex

2/3/2017

Sal N. DiDomenico

Middlesex and Suffolk

2/3/2017

Joseph A. Boncore

First Suffolk and Middlesex

2/3/2017

Jennifer L. Flanagan

Worcester and Middlesex

2/14/2017

Bruce E. Tarr

First Essex and Middlesex

2/14/2017

Patrick M. O'Connor

Plymouth and Norfolk

10/11/2017


SENATE DOCKET, NO. 1042        FILED ON: 1/19/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1516

By Ms. Donoghue, a petition (accompanied by bill, Senate, No. 1516) of Eileen M. Donoghue, Rady Mom, Walter F. Timilty, Barbara A. L'Italien and other members of the General Court for legislation to encourage employee student loan assistance.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1469 OF 2015-2016.]

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act encouraging employer student loan repayment.

 

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. Subsection (d) of section 2 of chapter 62 of the General Laws, appearing in the 2014 Official Edition, is hereby amended by inserting after subclause (I), the following subclause:-

(J) An amount equal to the principal payments on education debts paid by an employer on behalf of an employee who is a resident of the commonwealth; provided, however, that the amount of the deduction shall not exceed $2,000. For purposes of this subclause, “education debt” shall have the same meaning as defined in paragraph (12) of subsection (a) of Part B of section 3.

SECTION 2. Chapter 63 of the General Laws, as appearing the 2014 Official Edition, shall hereby be amended by inserting after section 38FF the following new section:-

Section 38GG. (a) For the purposes of this section, “education debt” shall have the same meaning as defined in paragraph (12) of subsection (a) of Part B of section 3 of chapter 62.

(b) In determining the net income subject to tax under this chapter, a business corporation shall be allowed a deduction of an amount equal to the principal payments on education debts paid by the business corporation on behalf of an employee who is a resident of the commonwealth; provided however, that the deduction taken for payments on education debts paid on behalf of any individual employee shall not exceed $2,000.