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MA S2024
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Edward Kennedy
Click for details
AI Summary
- Creates a state income tax deduction of up to $2,000 for Massachusetts residents who receive student loan repayment assistance from their employer
- Allows business corporations to deduct principal payments made on employees' education debts when calculating net income subject to corporate tax, capped at $2,000 per employee
- Amends Chapter 62 (individual income tax) and Chapter 63 (corporate excise tax) of the Massachusetts General Laws
- Applies only to employees who are residents of the Commonwealth
- Similar legislation was filed in the previous legislative session (Senate No. 1851 of 2023-2024)
Legislative Description
Encouraging employer student loan repayment
Last Action
Hearing rescheduled to 10/03/2025 from 10:00 AM-12:35 PM in Gardner Auditorium Hearing updated to New End Time
10/3/2025
Committee Referrals
Revenue2/27/2025
Full Bill Text
No bill text available