An Act establishing the Massachusetts student relief and retention tax credit, the official text

	Chapter 62 of the Massachusetts General Laws as appearing in the 2022 Official edition, is hereby amended in Section 6 by inserting at the end thereof after Section 6N the following new subsection:- 
	Section 6O. (a) The purpose of this section shall be to provide an incentive for students to remain in Massachusetts upon the completion of a degree attained from an accredited Massachusetts community college, college, or university. This program is intended to plan for the long-term retention of talent that relocates to Massachusetts to pursue educational opportunity.
	(a)	There is hereby established a Massachusetts student relief and retention tax credit. A qualified individual is allowed a credit against the state income tax
	(b)	A Taxpayer may claim a credit based upon educational loan payments made to a relevant lender or lenders made during that part of a taxable year, whilst being a resident of the Commonwealth of Massachusetts for more than one entire taxable year.
	(c)	The credit allowed under this chapter shall be equal to the lesser of;
	a.	The monthly payment amount made on eligible education loans multiplied by the number of months during the taxable year in which the taxpayer made payments on eligible education loans; and
	b.	The greatest of $1,000 if the qualified individual obtained an associate degree, $2,000 if the qualified individual obtained a bachelor’s degree, and $3,000 if the qualified individual obtained a graduate degree.