Published On: Wed, Mar 15th, 2017

New bill would encourage businesses to help pay student loan debt

LINCOLN — College graduates and Nebraska businesses would both benefit under a bill introduced by Sen. Kate Bolz of Lincoln.
LB443, the Student Loan Repayment Tax Credit Act, would be a way for a business to help pay the student loan debt of its employees.
Businesses could pay for an employee’s student loan principal and interest and gain a non-refundable tax credit of up to 50 percent. They would, however, be limited to $1,800 of credit per employee for up to 20 employees.
“We need more robust policy in order to build and maintain the workforce we need for the future,” Bolz said.
The proposal would include credits for Nebraska businesses of up to $1.5 million per year. Also, at least 25 percent of the total money credited must go to businesses with 30 or fewer employees or businesses located in cities with fewer than 100,000 people.

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