HOUSE DOCKET, NO. 3713        FILED ON: 2/19/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2999

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Paul W. Mark

_________________

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.

_______________

PETITION OF:

HOUSE DOCKET, NO. 3713        FILED ON: 2/19/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2999

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2553 OF 2019-2020.]

The Commonwealth of Massachusetts

_______________

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

_______________

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.