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AB 386 would offer employers tax credit for student loan repayment assistance; committee to suspense
Summary
AB 386 would create a refundable credit (up to $3,000 per employee) for employers that make student loan payments for full-time employees, with a $25 million aggregate cap; supporters urged targeted criteria and dialogue with tax agencies; bill referred to the suspense file.
Assemblymember Kevin Tangipa (presenting AB 386) asked the committee to consider a new tax credit that would allow businesses to claim up to $3,000 per full-time employee per year for employer-paid student loan repayments. Tangipa said the program would run starting in 2026 and emphasized the idea as a workforce retention and…
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