An Act establishing the Massachusetts student relief and retention tax credit

This bill creates a tax credit for Massachusetts residents who pay off student loans after earning a degree from an accredited state college or university. The credit is designed to encourage graduates to stay in the state by offering a dollar-for-dollar reduction in their state income tax based on their loan payments. The amount of the credit depends on the degree level, ranging from $1,000 for an associate degree to $3,000 for a graduate degree, but it cannot exceed the total amount of loan payments made during the tax year.