Bill > A2176

Introduced Session

This bill establishes a refundable gross income tax credit of up to $5,000 for student loan payments made by qualified taxpayers. A qualified taxpayer must have incurred a minimum $20,000 in student loan debt for attendance at an institution of higher education and have at least $5,000 in student loan debt outstanding to be eligible for a tax credit. The bill requires a taxpayer to submit with their gross income tax return such additional information as may be required by the Higher Education Student Assistance Authority necessary to determine the taxpayer's eligibility for a tax credit. Tax credits may be awarded for the taxable years in which student loan payments were made. The bills requires a taxpayer to use the tax credit to repay a portion of their student loans in the two tax years following the tax year for which a credit is awarded. The bill appropriates from the General Fund such amounts as are necessary to make payments of refunds to taxpayers whose tax liability is reduced to below zero due to the bill.

AI Summary

Committee Categories

Bill Moen (D)*, 

Introduced, Referred to Assembly Higher Education Committee (on 01/09/2024)

Official Document