HB 708

Abstract

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