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| 2 | 2 | | SENATE DOCKET, NO. 1251 FILED ON: 1/16/2025 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 2025 |
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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 establishing the Massachusetts student relief and retention tax credit. |
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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. 1251 FILED ON: 1/16/2025 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 2025 |
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| 18 | 18 | | By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 2025) of Edward J. Kennedy for |
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| 19 | 19 | | legislation to establish the Massachusetts student relief and retention tax credit. Revenue. |
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| 20 | 20 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 21 | 21 | | SEE SENATE, NO. 1852 OF 2023-2024.] |
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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-Fourth General Court |
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| 25 | 25 | | (2025-2026) |
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| 26 | 26 | | _______________ |
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| 27 | 27 | | An Act establishing the Massachusetts student relief and retention tax credit. |
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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 Chapter 62 of the Massachusetts General Laws as appearing in the 2022 Official edition, |
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| 31 | 31 | | 2is hereby amended in Section 6 by inserting at the end thereof after Section 6N the following |
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| 32 | 32 | | 3new subsection:- |
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| 33 | 33 | | 4 Section 6O. (a) The purpose of this section shall be to provide an incentive for students to |
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| 34 | 34 | | 5remain in Massachusetts upon the completion of a degree attained from an accredited |
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| 35 | 35 | | 6Massachusetts community college, college, or university. This program is intended to plan for |
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| 36 | 36 | | 7the long-term retention of talent that relocates to Massachusetts to pursue educational |
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| 37 | 37 | | 8opportunity. |
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| 38 | 38 | | 9 (a)There is hereby established a Massachusetts student relief and retention tax credit. |
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| 39 | 39 | | 10A qualified individual is allowed a credit against the state income tax 2 of 2 |
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| 40 | 40 | | 11 (b)A Taxpayer may claim a credit based upon educational loan payments made to a |
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| 41 | 41 | | 12relevant lender or lenders made during that part of a taxable year, whilst being a resident of the |
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| 42 | 42 | | 13Commonwealth of Massachusetts for more than one entire taxable year. |
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| 43 | 43 | | 14 (c)The credit allowed under this chapter shall be equal to the lesser of; |
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| 44 | 44 | | 15 a. The monthly payment amount made on eligible education loans multiplied by the |
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| 45 | 45 | | 16number of months during the taxable year in which the taxpayer made payments on eligible |
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| 46 | 46 | | 17education loans; and |
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| 47 | 47 | | 18 b. The greatest of $1,000 if the qualified individual obtained an associate degree, |
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| 48 | 48 | | 19$2,000 if the qualified individual obtained a bachelor’s degree, and $3,000 if the qualified |
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| 49 | 49 | | 20individual obtained a graduate degree. |
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