Personal income taxes: gross income: exclusion: student loan assistance.

The Personal Income Tax Law excludes from the gross income of an employee amounts paid or incurred by an employer for educational assistance to the employee, as specified, up to $5,250 during a calendar year. This bill would also exclude from the gross income of an employee amounts, not exceeding an aggregate amount of $5,250 per calendar year, that are paid or incurred by an employer on and after January 1, 2019, and before January 1, 2024, for the payment of principal or interest on a qualified education loan, as defined, incurred by the employee. The bill would provide that, for taxable years beginning on or after January 1, 2019, and before January 1, 2024, the above-described exclusions shall not exceed an aggregate of amount $10,500 per calendar year per employee. This bill would take effect immediately as a tax levy.