HOUSE DOCKET, NO. 3440        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2410

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Paul Brodeur

_________________

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:

Date Added:

Paul Brodeur

32nd Middlesex

1/18/2019

Jason M. Lewis

Fifth Middlesex

2/1/2019

Jeffrey N. Roy

10th Norfolk

1/31/2019

Andres X. Vargas

3rd Essex

1/31/2019


HOUSE DOCKET, NO. 3440        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2410

By Mr. Brodeur of Melrose, a petition (accompanied by bill, House, No. 2410) of Paul Brodeur and others for legislation to establish an employer student loan repayment tax credit.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

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.