HI SB1081

Allows Hawaii residents to deduct up to $5,000 per taxable year for student loan interest paid on qualified education loans as defined under federal tax code (26 U.S.C. § 221).

Requires the director of taxation to prepare necessary forms for claiming the deduction and may require taxpayers to provide reasonable information to validate claims.

Director of taxation may adopt administrative rules under chapter 91 to implement the deduction provisions.

Effective May 12, 2059, and applies to taxable years beginning after December 31, 2016.