HOUSE DOCKET, NO. 2783        FILED ON: 2/18/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2811

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

James Arciero

_________________

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:

James Arciero

2nd Middlesex

2/16/2021

James M. Murphy

4th Norfolk

2/18/2021

Joseph D. McKenna

18th Worcester

2/18/2021

Patrick Joseph Kearney

4th Plymouth

2/22/2021


HOUSE DOCKET, NO. 2783        FILED ON: 2/18/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2811

By Mr. Arciero of Westford, a petition (accompanied by bill, House, No. 2811) of James Arciero and others relative to income tax deductions for certain education debts paid by employers.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

_______________

 

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.