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2020 SESSION

• | print version

HB 708 Bank franchise; tax credit for student loan refinancing.

Introduced by: Nick Rush | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Bank franchise tax credit for student loan refinancing. Provides a nonrefundable credit against the bank franchise tax starting in taxable year 2020 in the amount of 20 percent of a bank's student loan refinancing expenses. The bill defines eligible expenses to include the amount of principal forgiven by a bank plus the amount of interest reduced by refinancing. The credit is available only for expenses related to the refinancing of privately held loans but not loans held by the federal government. The credit may not be applied against bank franchise taxes imposed by a county, city, or town in the Commonwealth.

FULL TEXT

• 01/06/20  House: Prefiled and ordered printed; offered 01/08/20 20102576D  pdf | impact statement

HISTORY

• 01/06/20  House: Prefiled and ordered printed; offered 01/08/20 20102576D
• 01/06/20  House: Referred to Committee on Finance
• 01/16/20  House: Assigned Finance sub: Subcommittee #1
• 01/20/20  House: Subcommittee recommends laying on the table (9-Y 0-N)
• 02/11/20  House: Left in Finance