HOUSE DOCKET, NO. 1792 FILED ON: 1/18/2023
HOUSE . . . . . . . . . . . . . . . No. 2696
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The Commonwealth of Massachusetts
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PRESENTED BY:
James Arciero
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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: | Date Added: |
James Arciero | 2nd Middlesex | 1/17/2023 |
HOUSE DOCKET, NO. 1792 FILED ON: 1/18/2023
HOUSE . . . . . . . . . . . . . . . No. 2696
By Representative Arciero of Westford, a petition (accompanied by bill, House, No. 2696) of James Arciero relative to income tax deductions for certain education debts paid by employers. Revenue. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2811 OF 2021-2022.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Third General Court
(2023-2024)
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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.