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.
Allows a deduction from federal adjusted gross income for interest payments on outstanding student loans.
Provides for the deduction of student loan interest from federal adjusted gross income.
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).
Allows gross income tax deduction for certain student loan interest.
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.
Provides that income taxes shall be adjusted to account for a cost of living adjustment for certain tax years.
Provides that income taxes shall be adjusted to account for a cost of living adjustment for certain tax years.