HB 1437 Summary

• Provides a refundable income tax credit of up to $2,500 per year for individuals employed in qualifying occupations (social workers, nurses, and teachers) who are repaying student loans.

• Credit applies during the first 10 consecutive years after an individual begins repaying a student loan, or until the loan is paid in full, whichever comes first.

• Credit amount is calculated by multiplying $2,500 by a fraction representing the number of months during the tax year the individual worked full-time in a qualifying occupation divided by 12.

• Applies only to taxable years beginning after December 31, 2013.

• Amends IC 6-3-3-13 and becomes effective January 1, 2014.