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2025 Session

Budget Amendments - HB1600 (Member Request)

Chief Patron: Mundon King
Provide Income Tax Credit for Student Loan Interest Payments (language only)

Item 3-5.25 #4h

Item 3-5.25 #4h

Adjustments and Modifications to Tax Collections
Modifications to Individual Income Tax Credits

Language

Page 665, after line 4, insert:

"Notwithstanding any other provision of law or regulation, for taxable years beginning on or after January 1, 2025, individuals filing as a single with adjusted income below $75,000 and married individuals filing jointly with income below $150,000 are eligible to receive a refundable tax credit of up to $1,000 for interest payments made pursuant to student loan debt."      



Explanation

(This amendment authorizes a tax credit of up to $1,000 on the portion of student loan payments which goes to interest for single filers who make less than $75,000 and married filers making less than $150,000.)