Budget Amendment ID: FY2022-S3-169

EDU 169

Student Loan Deduction Study

Messrs. Tarr, O'Connor and Fattman moved that the proposed new text be amended by inserting after section _ the following new 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 their designee; the president of the senate or their designee; the minority leader of the House of Representatives or their designee; and the minority leader of the senate or their designee. The commission shall submit a final report to the clerks of the house and senate no later than 1 year after the effective date of this act.”