Massachusetts S2024 allows employers to deduct up to $2,000 of student loan payments made on behalf of employees.

Massachusetts S2024, known as the Act encouraging employer student loan repayment, permits employers to deduct principal payments on education debts made on behalf of employees who are residents of the commonwealth. This deduction is applicable to business corporations and is limited to $2,000 per employee. The bill amends Chapter 62 of the General Laws to include this new deduction, aligning the definition of "education debt" with existing regulations.

Massachusetts S2024 allows employers to deduct up to $2,000 of student loan payments made on behalf of employees.

Massachusetts S2024, known as the Act encouraging employer student loan repayment, permits employers to deduct principal payments on education debts made on behalf of employees who are residents of the commonwealth. This deduction is applicable to business corporations and is limited to $2,000 per employee. The bill amends Chapter 62 of the General Laws to include this new deduction, aligning the definition of "education debt" with existing regulations.