Bill > A00779

This bill establishes a reduction of federal adjusted gross income, for state personal income tax purposes, for student loan interest payments made by taxpayers. Specifically, the bill allows taxpayers to deduct the difference between the interest paid on student loans and the amount of such interest deducted to calculate their federal adjusted gross income, up to a maximum of $5,000. The bill defines "student loan" using the same definition as in a previous law. The bill takes effect immediately and applies to the current and all subsequent taxable years.