HI HB958

Allows individual taxpayers to deduct qualified student loan repayments from gross income, with a maximum deduction amount to be specified (blank in bill text).

Married couples filing joint returns receive a deduction limit, with separate filers limited to amounts that do not exceed the joint return limit.

Defines "qualified student loan" as loans taken to pay qualified education expenses for the taxpayer, spouse, or dependent at eligible educational institutions, including tuition, fees, room and board, books, and other necessary expenses.

Requires the Department of Taxation to prepare forms and adopt rules under chapter 91 to implement the tax deduction.

Takes effect upon approval and applies to taxable years beginning after December 31, 2017.