Establishes student loan repayment accounts for employees, allowing employers to match contributions up to $5,000 annually and receive tax deductions.

The bill establishes student loan repayment accounts for employees, allowing employers to contribute matching funds up to $5,000 annually. Employers can receive tax deductions for these contributions. The accounts, managed by the comptroller and the higher education services corporation, are for repaying student loans. Employers and employees must provide necessary information to implement the accounts. Withdrawals for non-loan repayment purposes are subject to a 10% penalty. The bill also includes provisions for tax deductions for employers and limits on tax expenditures.

Establishes student loan repayment accounts for employees, allowing employers to match contributions up to $5,000 annually and receive tax deductions.

The bill establishes student loan repayment accounts for employees, allowing employers to contribute matching funds up to $5,000 annually. Employers can receive tax deductions for these contributions. The accounts, managed by the comptroller and the higher education services corporation, are for repaying student loans. Employers and employees must provide necessary information to implement the accounts. Withdrawals for non-loan repayment purposes are subject to a 10% penalty. The bill also includes provisions for tax deductions for employers and limits on tax expenditures.