MA S1983

Employers providing student loan payment assistance to Massachusetts-domiciled employees would receive a 100% tax credit on amounts paid toward principal or interest on qualified education loans, capped at $4,500 per employee per year

Employees would be able to exclude employer-provided student loan payment assistance from their Massachusetts gross income

Unused tax credits may be carried forward and applied against tax liability for up to 5 succeeding taxable years

Applies to both individual taxpayers (Chapter 62) and business corporations (Chapter 63), with payments made either directly to employees or to the loan holder

Filed January 14, 2025 by Senator Ryan C. Fattman (Worcester and Hampden); similar legislation was introduced in the 2023-2024 session as Senate No. 1810