Bill > S04751

This bill allows taxpayers to subtract interest paid on an education loan or education debt from their federal adjusted gross income. The bill defines "education debt" as any loan obtained and used solely for paying tuition and other expenses related to undergraduate enrollment, and administered through a state or federal student loan program or a commercial lender. Taxpayers cannot deduct the same expenses under both the education loan interest and education debt provisions. The bill takes effect immediately and applies to tax years starting on or after January 1 of the calendar year in which it takes effect.