Politics.AIAB 386: Personal Income Tax Law: Corporation Tax Law: credits: student loan payments.
The bill aims to provide a tax credit to qualified taxpayers for student loan payments made on behalf of their full-time employees. The credit cannot exceed $3,000 per employee per taxable year and is limited to a total of $25 million annually. This tax credit will be allocated through tentative credit reservations and is intended to encourage employers to offer student loan repayment benefits to their employees. The bill also provides an exclusion from gross income for student loan payments made by qualifying employers on behalf of qualified taxpayers. This exclusion is intended to reduce the taxable income of employers who offer student loan repayment benefits to their employees. The bill includes additional requirements for tax expenditures, including specific goals, performance indicators, and data collection requirements. These requirements are intended to ensure that the tax expen…
| Feb. 02, 2026 | From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. |
| Jan. 31, 2026 | Died pursuant to Art. IV, Sec. 10(c) of the Constitution. |
| May. 05, 2025 | In committee: Set, first hearing. Held under submission. |
| Apr. 29, 2025 | Re-referred to Com. on REV. & TAX. |
| Apr. 28, 2025 | From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended. |