2017 Regular Session
|At the request of:|
|Chief Sponsors:||Representative Rayfield, Power, Hernandez, Alonso Leon, Fahey|
|Regular Sponsors:||Representative Holvey, McKeown, Nosse, Williamson|
|Bill Title:||Relating to student loan debt; prescribing an effective date.|
Establishes subtraction from personal income taxes for amounts that taxpayers pay in student loan interest.
Specifies amount of and eligibility for subtraction. Establishes refundable credit against personal income taxes for contributions to higher education savings network account. Establishes tax credit for amounts contributed to higher education savings network accounts owned by employees of taxpayer. Increases limitation on subtraction for contribution to ABLE account or higher education savings network account to amount per designated beneficiary. Applies credits and subtractions to tax years beginning on or after January 1, 2017, and before January 1, 2023. Specifies that amount in account established for higher education expenses is disregarded for purposes of determining account owner's financial eligibility to receive assistance or benefit authorized by law, to extent permitted under federal law. Applies to eligibility determinations made on or after January 1, 2018. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Has Minimal Fiscal Impact|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|