1 of 1
SENATE DOCKET, NO. 1270 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 1852
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Edward J. Kennedy
_________________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act establishing the Massachusetts student relief and retention tax credit.
_______________
PETITION OF:
NAME:DISTRICT/ADDRESS :Edward J. KennedyFirst Middlesex 1 of 2
SENATE DOCKET, NO. 1270 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 1852
By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 1852) of Edward J. Kennedy for
legislation to establish the Massachusetts student relief and retention tax credit. Revenue.
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1892 OF 2021-2022.]
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Third General Court
(2023-2024)
_______________
An Act establishing the Massachusetts student relief and retention tax credit.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 Chapter 62 is hereby amended in Section 6 by inserting at the end thereof after Section
26N the following new subsection:-
3 Section 6O. (a) The purpose of this section shall be to provide an incentive for students to
4remain in Massachusetts upon the completion of a degree attained from an accredited
5Massachusetts community college, college, or university. This program is intended to plan for
6the long-term retention of talent that relocates to Massachusetts to pursue educational
7opportunity.
8 (a)There is hereby established a Massachusetts student relief and retention tax credit.
9A qualified individual is allowed a credit against the state income tax 2 of 2
10 (b)A Taxpayer may claim a credit based upon educational loan payments made to a
11relevant lender or lenders made during that part of a taxable year, whilst being a resident of the
12Commonwealth of Massachusetts for more than one entire taxable year.
13 (c)The credit allowed under this chapter shall be equal to the lesser of;
14 a. The monthly payment amount made on eligible education loans multiplied by the
15number of months during the taxable year in which the taxpayer made payments on eligible
16education loans; and
17 b. The greatest of $1,000 if the qualified individual obtained an associate degree,
18$2,000 if the qualified individual obtained a bachelor’s degree, and $3,000 if the qualified
19individual obtained a graduate degree.