SECTION 1. Chapter 62 is hereby amended in Section 6 by inserting at the end thereof after Section 6N the following new subsection:-
Section 6O. (a) The purpose of this section shall be to provide an incentive for students to remain in Massachusetts upon the completion of a degree attained from an accredited Massachusetts community college, college, or university. This program is intended to plan for the long-term retention of talent that relocates to Massachusetts to pursue educational opportunity.
(a) There is hereby established a Massachusetts student relief and retention tax credit. A qualified individual is allowed a credit against the state income tax
(b) A Taxpayer may claim a credit based upon educational loan payments made to a relevant lender or lenders made during that part of a taxable year, whilst being a resident of the Commonwealth of Massachusetts for more than one entire taxable year.
(c) The credit allowed under this chapter shall be equal to the lesser of;
a. The monthly payment amount made on eligible education loans multiplied by the number of months during the taxable year in which the taxpayer made payments on eligible education loans; and
b. The greatest of $1,000 if the qualified individual obtained an associate degree, $2,000 if the qualified individual obtained a bachelor’s degree, and $3,000 if the qualified individual obtained a graduate degree.
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