SENATE DOCKET, NO. 596 FILED ON: 2/3/2021
SENATE . . . . . . . . . . . . . . No. 1891
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The Commonwealth of Massachusetts
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PRESENTED BY:
Edward J. Kennedy
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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 encouraging employer student loan repayment.
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PETITION OF:
Name: | District/Address: |
Edward J. Kennedy | First Middlesex |
SENATE DOCKET, NO. 596 FILED ON: 2/3/2021
SENATE . . . . . . . . . . . . . . No. 1891
By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 1891) of Edward J. Kennedy for legislation to encourage employee student loan assistance. Revenue. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1689 OF 2019-2020.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Second General Court
(2021-2022)
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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.