Momentum is building in Congress, as among employers, as leaders step-up to solve America's student debt crisis.
Chicago, Illinois (PRWEB) March 23, 2017
Peanut Butter CEO, David Aronson, heralds the leadership of Congressmen Patrick Meehan (PA-07) and Suzane DelBene (WA-01), both members of the U.S. House of Representatives’ Ways and Means Committee, for introducing the bipartisan HELP for Students and Parents Act (H.R. 1656).
The federal legislation encourages private employers to offer tax-free contributions to their employee’s student debt obligations and/or towards 529 savings plans. The Congressmen announced the introduction of their bill in Washington, D.C. late yesterday.
“America’s student debt problem is growing at nearly $3,000 per second -- there is no time to waste in encouraging all employers to become part of a solution,” Peanut Butter CEO David Aronson said. “As members of the Ways and Means Committee, which has jurisdiction over tax related issues, Congressmen Meehan and DelBene are powerful allies in moving forward the notion of incentivizing employers to participate in paying employee’s student loan debt.”
Peanut Butter and its CEO David Aronson have been active in building momentum in Congress for this issue. Aronson worked closely with then-Congressman Robert Dold of Illinois to help craft legislation similar to this bill last term of Congress. Aronson also worked with Congressmen Rodney Davis (IL-13) and Scott Peters (CA-52) to support the introduction of Employer Participation in Student Loan Assistance Act (H.R. 795) this term, which also aligns incentives for more employers to provide student debt assistance. The Employer Participation in Student Loan Assistance Act already has 47 bipartisan cosponsors, more than 10% of the U.S. House, just weeks after its introduction.
“Momentum is building as more leaders in Congress recognize that student debt is a critical issue facing their constituents and the federal treasury,” said Aronson. “Leading employers around the country are partnering with Peanut Butter to provide student loan assistance programs that help employees tackle student debt. Both Representative Meehan's Help for Students and Parents Act and Representative Davis’ Employer Participation in Student Loan Assistance Act will provide important structure to align the interests of employers, citizens, and federal government in resolving America's student debt crisis."
According to Rep. Meehan’s Press Release, the HELP for Students and Parents Act, “modernizes how the tax code treats employer contributions towards student loan repayment, supports young workers who want this benefit, and encourages employers to adapt their employee benefit offerings to meet the financial goals of today’s workers.
-- Student Loan Repayment. The bill excludes from income the amount (not to exceed $5,250) that an employer contributes toward an employee’s student debt repayment and provides a tax credit to employers based on 50 percent the amount contributed toward an employee’s student debt repayment.
-- College Savings. The bill excludes from income the amount (not to exceed $5,250) that an employer contributes to a college savings account that an employee sets up for their child and provides a tax credit to employers based on 50 percent of the amount contributed.”
About Peanut Butter
Peanut Butter helps companies attract and retain talent by offering student loan assistance as an employee benefit. Experts in benefits administration, Peanut Butter's team and technology provide employees access to information and decision support tools to better manage their debt, and facilitate employer contributions toward employee student loans. Peanut Butter supports large, mid-sized, and small employers coast-to-coast and has been recognized as an innovator by the Young Presidents' Organization, Tech In Motion, and Tech.co. Learn more at http://getpeanutbutter.com