Student Loan Tax Credit Bill Proposed

Connecticut lawmakers are working through two proposed bills tied to student loan repayment assistance.

This new legislation would allow employers to provide student loan repayment programs to employees as non-taxable compensation.

As JD Supra explains:

“An employer could make student loan repayments on behalf of qualified employees (those who work at least 35 hours per week, are Connecticut residents and are not owners, members or partners of the employer) and claim a tax credit for those repayments, against their Corporation Business Tax or Insurance Premium Tax.”

To read more about this proposed legislation, please click here.

The information included in this blog post originally appeared in an article from JD Supra on May 13, 2019 written by Kelly Smith Hathorn of Shipman & Goodwin LLP.

student loan

Learn More About Our HR Related Services