Bill > S04994

This bill allows taxpayers to subtract the interest paid on education loans and education debt from their federal adjusted gross income. Specifically, it allows for the deduction of (A) interest paid on qualified education loans, to the extent such interest is deductible for federal tax purposes, and (B) interest payments made on education debt, which is defined as loans obtained and used solely for the purpose of paying tuition and other expenses related to undergraduate enrollment. The bill ensures that taxpayers cannot claim the deduction for the same expenses under both (A) and (B).