Text: SF00002 Text: SF00004 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 2001, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 36. 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, 2001, 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, 2001, for tax years beginning on
1 24 or after that date.
1 25 LSB 1416XS 79
1 26 mg/gg/8
Text: SF00002 Text: SF00004 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:00 CDT 2001
URL: /DOCS/GA/79GA/Legislation/SF/00000/SF00003/010104.html
jhf