HOUSE DOCKET, NO. 1005 FILED ON: 1/15/2019
HOUSE . . . . . . . . . . . . . . . No. 2553
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The Commonwealth of Massachusetts
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PRESENTED BY:
Paul W. Mark
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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.
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PETITION OF:
Name: | District/Address: | Date Added: |
Paul W. Mark | 2nd Berkshire | 1/15/2019 |
Brian M. Ashe | 2nd Hampden | 2/1/2019 |
Mindy Domb | 3rd Hampshire | 1/30/2019 |
Sean Garballey | 23rd Middlesex | 2/1/2019 |
James K. Hawkins | 2nd Bristol | 2/2/2019 |
Stephan Hay | 3rd Worcester | 1/30/2019 |
Daniel J. Hunt | 13th Suffolk | 1/29/2019 |
Eric P. Lesser | First Hampden and Hampshire | 2/1/2019 |
Jason M. Lewis | Fifth Middlesex | 1/23/2019 |
Brian W. Murray | 10th Worcester | 1/30/2019 |
José F. Tosado | 9th Hampden | 2/1/2019 |
Susannah M. Whipps | 2nd Franklin | 1/29/2019 |
HOUSE DOCKET, NO. 1005 FILED ON: 1/15/2019
HOUSE . . . . . . . . . . . . . . . No. 2553
By Mr. Mark of Peru, a petition (accompanied by bill, House, No. 2553) of Paul W. Mark and others relative to employer student loan contribution tax deductions. Revenue. |
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-First General Court
(2019-2020)
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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.