An Act encouraging employer student loan repayment

This bill allows Massachusetts businesses to claim a tax deduction for student loan payments they make on behalf of their employees. Specifically, it permits companies to deduct up to $2,000 per employee for principal payments made toward education debts, provided the employee lives in the state. The legislation defines "education debt" to align with existing state tax definitions and applies the benefit to business corporations filing state taxes. By offering this financial incentive, the bill aims to encourage employers to help workers manage their student loans.