California AB386 proposes a tax credit for businesses that pay student loans for their full-time employees.

California AB386 introduces a tax credit for businesses that pay student loans for their full-time employees. This credit applies to businesses with employees who work at least 35 hours per week or are salaried full-time employees. The credit is capped at $3,000 per employee and is available for businesses with fewer than 500 employees. The credit is intended to help alleviate the burden of student loan debt on employees. The Franchise Tax Board will manage the credit, with priority given to businesses owned by veterans, women, minorities, and disabled individuals.

California AB386 proposes a tax credit for businesses that pay student loans for their full-time employees.

California AB386 introduces a tax credit for businesses that pay student loans for their full-time employees. This credit applies to businesses with employees who work at least 35 hours per week or are salaried full-time employees. The credit is capped at $3,000 per employee and is available for businesses with fewer than 500 employees. The credit is intended to help alleviate the burden of student loan debt on employees. The Franchise Tax Board will manage the credit, with priority given to businesses owned by veterans, women, minorities, and disabled individuals.