Published on: February 15, 2019
Topics: Tax and AccountingA new bipartisan bill supported by HR Policy would allow employers to grant employees tax-free student loan assistance of up to $5,250 a year per employee.
Sen. Mark Warner (D-VA), who cosponsored the Employer Participation in Repayment Act, said, “By making employer student loan repayments tax-exempt, employers will have a new tool to recruit and retain a talented workforce while also helping working Americans manage their financial future.”
The bill is along the lines of a policy recommendation by the Association’s Workplace 2020 report, published in 2017.
Looking ahead: The bill enjoys 101 cosponsors in the House, including 70 Democrats and 31 Republicans, as well as bipartisan support in the Senate. With the growing student loan debt crisis as a backdrop, this could present a relatively achievable measure in a gridlocked congressional environment.