Text: SF02040 Text: SF02042 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 1999, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 35. Subtract, to the extent not otherwise
1 4 deducted, the interest paid on any qualified education loan,
1 5 as defined in section 221(e)(1) of the Internal Revenue Code.
1 6 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 7 being deemed of immediate importance, takes effect upon
1 8 enactment and applies retroactively to January 1, 2000, for
1 9 tax years beginning on or after that date.
1 10 EXPLANATION
1 11 This bill provides for a deduction of all interest paid on
1 12 qualified education loans under the individual income tax. A
1 13 qualified education loan is an indebtedness incurred by a
1 14 taxpayer to pay the higher education expenses of attending an
1 15 eligible educational institution by the taxpayer or the
1 16 taxpayer's spouse or dependent. An eligible educational
1 17 institution is a postsecondary educational institution or an
1 18 institution that conducts an internship or residency program
1 19 leading to a degree or certificate awarded by a postsecondary
1 20 educational institute, hospital, or health care facility that
1 21 offers postgraduate training.
1 22 The bill takes effect upon enactment and applies
1 23 retroactively to January 1, 2000, for tax years beginning on
1 24 or after that date.
1 25 LSB 5541XS 78
1 26 mg/gg/8
Text: SF02040 Text: SF02042 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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