Bill > A04350

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, it 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 $5,000. The term "student loan" is defined as it was in a previous law passed in 2017. The bill takes effect immediately and applies to the current taxable year and all subsequent taxable years.