Amendment #511 to H4400

Student Loan Deduction Study

Representatives Jones of North Reading, Hill of Ipswich, Poirier of North Attleborough, Gifford of Wareham, Frost of Auburn and Smola of Warren move to amend the bill by adding the following section:-

“SECTION XX. Notwithstanding any general or special law to the contrary, there shall be a special commission to study the feasibility and economic impact of changing the state tax code to allow for individuals to deduct the total amount of student loans paid in a tax year, including principal and interest, as opposed to only allowing the deduction of interest up to $2,500. The commission shall consist of the chairs of the joint committee on revenue; the speaker of the house of representatives or his designee; the president of the senate or his designee; the minority leader of the house of representatives or his designee; and the minority leader of the senate or his designee. The commission shall submit a final report to the clerks of the house and senate and to the chairs of the joint committee on revenue no later than 1 year after the effective date of this act.”.