Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.
Provides modifications for payments of interest on student loans shall be subtracted from federal adjusted gross income to an amount equal to the payments of interest for the satisfaction of outstanding student loans.
Provides modifications for payments of interest on student loans shall be subtracted from federal adjusted gross income to an amount equal to the payments of interest for the satisfaction of outstanding student loans.
Relates to a tuition tax credit; increases the amount of an allowable deduction (Part A); reduces income by the amount of interest paid for student loans (Part B).
Provides that certain deductions allowable under the internal revenue code related to certain types of property and domestic research or experimental expenditures shall be added to federal adjusted gross income.