HB2713 HED AM 2-25

            The Committee on Education moves to amend the bill by striking out everything after the enacting section and inserting in lieu thereof the following:

“ARTICLE 21. PERSONAL INCOME TAX.

§11-21-12j. Modification reducing federal adjusted gross income for interest paid on student loans.

            (a) A modification is authorized to reduce federal adjusted gross income for a portion of interest paid by a taxpayer on his or her qualified federal student loans during the taxable year. The modification is:

            (1) Available for taxable years beginning after December 31, 2014;

            (2) In addition to amounts authorized to be subtracted from federal adjusted gross income by other sections of this article; and

            (3) Limited to the amount that is not allowable as a deduction when arriving at the taxpayer’s federal adjusted gross income for the taxable year in which the payment is made.

            (b) The Tax Commissioner shall promulgate a procedural rule to implement this section and establish a procedure for taxpayers to determine the amount of a modification claimed pursuant to this section.

            (c) As used in this section, “Qualified federal student loan” means a qualified education loan pursuant to 26 U.S.C. §221.”