Bill > S05289

This bill proposes the following key provisions: 1. It establishes an earned income tax credit for youth workers between the ages of 17 and the minimum age for the federal earned income tax credit, provided they are not the custodial or non-custodial parent of a minor child. This credit would be equal to 1.3 times the amount of the federal earned income tax credit. 2. It increases the standard deduction for individuals between the ages of 18 and 24 from $7,500 to $10,000 for tax years beginning after 2021. 3. It allows residents to deduct interest paid on qualified student loans, as provided in the Internal Revenue Code, for tax years beginning on or after January 1, 2022. The provisions of this bill are set to expire and be repealed on December 31, 2029.