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| 2 | 2 | | SENATE DOCKET, NO. 1268 FILED ON: 1/19/2023 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1851 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Edward J. Kennedy |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act encouraging employer student loan repayment. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Edward J. KennedyFirst Middlesex 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 1268 FILED ON: 1/19/2023 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1851 |
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| 18 | 18 | | By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 1851) of Edward J. Kennedy for |
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| 19 | 19 | | legislation to encourage employee student loan assistance. Revenue. |
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| 20 | 20 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 21 | 21 | | SEE SENATE, NO. 1891 OF 2021-2022.] |
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| 22 | 22 | | The Commonwealth of Massachusetts |
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| 23 | 23 | | _______________ |
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| 24 | 24 | | In the One Hundred and Ninety-Third General Court |
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| 25 | 25 | | (2023-2024) |
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| 26 | 26 | | _______________ |
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| 27 | 27 | | An Act encouraging employer student loan repayment. |
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| 28 | 28 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 29 | 29 | | of the same, as follows: |
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| 30 | 30 | | 1 SECTION 1. Subsection (d) of Section 2 of Chapter 62 of the General Laws, appearing in |
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| 31 | 31 | | 2the 2020 Official Edition, is hereby amended by inserting after subclause (I), the following |
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| 32 | 32 | | 3subclause:- |
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| 33 | 33 | | 4 (J) An amount equal to the principal payments on education debts paid by an employer |
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| 34 | 34 | | 5on behalf of an employee who is a resident of the commonwealth; provided, however, that the |
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| 35 | 35 | | 6amount of the deduction shall not exceed $2,000. For purposes of this subclause, “education |
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| 36 | 36 | | 7debt” shall have the same meaning as defined in paragraph (12) of subsection (a) of Part B of |
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| 37 | 37 | | 8Section 3. |
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| 38 | 38 | | 9 SECTION 2. Chapter 63 of the General Laws, as appearing the 2020 Official Edition, |
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| 39 | 39 | | 10shall hereby be amended by inserting after Section 38FF the following new section:- 2 of 2 |
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| 40 | 40 | | 11 Section 38GG. (a) For the purposes of this section, “education debt” shall have the same |
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| 41 | 41 | | 12meaning as defined in paragraph (12) of subsection (a) of Part B of Section 3 of Chapter 62. |
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| 42 | 42 | | 13 (b) In determining the net income subject to tax under this chapter, a business corporation |
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| 43 | 43 | | 14shall be allowed a deduction of an amount equal to the principal payments on education debts |
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| 44 | 44 | | 15paid by the business corporation on behalf of an employee who is a resident of the |
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| 45 | 45 | | 16commonwealth; provided however, that the deduction taken for payments on education debts |
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| 46 | 46 | | 17paid on behalf of any individual employee shall not exceed $2,000. |
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