Establishing a refundable income, privilege and premium tax credit for direct payments made by employers to student loans on behalf of a qualified employee.
Impact
If enacted, HB 2424 could significantly modify the landscape of how student loans are managed in relation to employer contributions. By offering a tax credit, the bill encourages businesses to take part actively in facilitating the reduction of student loan debt among their employees. This could lead to a shift in the responsibility of managing student loan debt from individual employees to a combined effort with their employers, potentially resulting in greater economic stability for employees burdened with such debts.
Summary
House Bill 2424 aims to establish a refundable income, privilege, and premium tax credit for employers who make direct payments towards their employees' student loans. This initiative is a response to the growing burden of student loan debt on working individuals and seeks to provide financial relief through incentivizing employers to assist their workforce in paying off their educational responsibilities. By implementing this tax credit, the bill promotes employer participation in the financial wellbeing of their employees, which may enhance employee retention and job satisfaction.
Contention
Debate around HB 2424 may arise regarding ethical concerns about employers’ involvement in student loan payments. Critics might argue that while the intention is to alleviate the financial burden on employees, it could lead to increased scrutiny and control over the employee-employer relationship. Additionally, there may be concerns that such incentives could favor certain industries over others, potentially widening the gap in support available to employees in different sectors. Ensuring that this credit is accessible to all eligible businesses, irrespective of size or industry, will likely be a crucial point of contention during discussions.
Establishing an income, privilege and premium tax credit for employers that employ members of the Kansas army and air national guard and establishing an income tax credit for employees that are members thereof.
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.
Corporate income tax: credits; make it in Michigan credit for taxpayers that make qualified student loan payments on behalf of qualified employees who relocated to this state for employment; create. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 677a. TIE BAR WITH: HB 4933'23, HB 4937'23
Corporate income tax: credits; make it in Michigan credit for taxpayers that make qualified student loan payments on behalf of qualified employees who are graduates of this state; create. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 677. TIE BAR WITH: HB 4933'23, HB 4936'23
An Act Establishing A Tax Credit For Employers That Make Payments On Certain Loans Issued To Employees By The Connecticut Higher Education Supplemental Loan Authority.