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IN HB1113
Bill
Status
1/8/2015
Primary Sponsor
David Niezgodski
Click for details
AI Summary
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Creates a refundable income tax credit of up to $2,500 per year for individuals employed in qualifying occupations (social workers, nurses, and teachers) who have student loans.
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Credit is available during the first 10 consecutive taxable years after an individual begins making student loan payments, or until the loan is paid in full, whichever is earlier.
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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.
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For partial months of employment, the fraction of the month counts full weeks worked (up to 4 weeks) divided by 4 weeks.
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Effective January 1, 2016, and applies only to taxable years beginning after December 31, 2015.
Legislative Description
Income tax credit for student loan borrowers. Provides a refundable credit against an individual's adjusted gross income tax liability during the first 10 consecutive years after the individual is first required to begin repayment of a student loan if the individual is employed in a qualifying occupation.
Last Action
First Reading: referred to Committee on Ways and Means
1/8/2015