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HB 1571 IN

Tax credit for student loan interest.

IN · session 2021 · Assembly / House · bill

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Introduced Jan 14, 2021

Latest action (Jan 14, 2021) First reading: referred to Committee on Ways and Means

Summary

Provides for a credit against an individual's adjusted gross income tax liability for student loan interest. Specifies that the amount of the credit is the lesser of $500 or the total amount expended for student loan interest during a taxable year. Specifies that for a married couple filing a joint return the maximum amount of the credit is $1,000. Provides that the Indiana commission for higher education shall study the feasibility of transferring up to $120,000,000 in unrestricted funds from the Indiana secondary market for education loans to the state general fund and submit a report with its findings to the state budget committee.

Sponsor (1)
2 coauthors / cosponsors

Action history (3)
  1. Jan 14, 2021 Coauthored by Representatives Johnson and Gore · lower
  2. Jan 14, 2021 Authored by Representative GiaQuinta · lower
  3. Jan 14, 2021 First reading: referred to Committee on Ways and Means · lower
Subjects
INCOME TAXES, Adjusted Gross Income TaxesINCOME TAXES, CreditsPUBLIC FUNDS

Text versions (1)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • Introduced House Bill (H) · Jan 13, 2021 · PDF

Full text

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