Kyla Chappell
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Bill 119 s 1080, also known as the Dental Faculty Loan Repayment Act, is a proposed amendment to the Internal Revenue Code of 1986. The purpose of this bill is to exclude certain federally subsidized loan repayments for denta...
l school faculty from being counted as gross income.
Under the current tax laws, any loan repayment assistance provided by an employer is considered taxable income for the employee. This bill seeks to change that for dental school faculty members who receive loan repayment assistance from the federal government.
The bill aims to incentivize more individuals to pursue careers in dental education by providing tax relief on loan repayments. By excluding these repayments from gross income, dental school faculty members would not be taxed on the assistance they receive to pay off their student loans. Overall, Bill 119 s 1080 is designed to support and encourage individuals to enter and remain in the field of dental education by providing financial relief through tax exemptions on federally subsidized loan repayments.
Under the current tax laws, any loan repayment assistance provided by an employer is considered taxable income for the employee. This bill seeks to change that for dental school faculty members who receive loan repayment assistance from the federal government.
The bill aims to incentivize more individuals to pursue careers in dental education by providing tax relief on loan repayments. By excluding these repayments from gross income, dental school faculty members would not be taxed on the assistance they receive to pay off their student loans. Overall, Bill 119 s 1080 is designed to support and encourage individuals to enter and remain in the field of dental education by providing financial relief through tax exemptions on federally subsidized loan repayments.
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