Bill > S05217

This bill allows taxpayers to subtract the interest paid on an education loan and education debt from their federal adjusted gross income. The term "education debt" is defined as any loan obtained and used solely for paying tuition and other expenses related to undergraduate student enrollment, and which was secured through a state student loan program, a federal student loan program, or a commercial lender. The bill specifies that a taxpayer cannot claim deductions for the same expenses under both the education loan interest and education debt provisions.