Budget Amendment ID: FY2020-S3-188
Student Loan Deduction Study
Messrs. Tarr, deMacedo, Humason, Fattman and O'Connor moved that the proposed new text be amended by inserting after SECTION ___the following section:-
“SECTION _. 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.”.