Establishes a personal income tax deduction for student loan interest for certain income levels.

The bill amends the tax law to allow a deduction for interest paid on student loans for individual taxpayers with a federal adjusted income between $65,000 and $125,000, and for married taxpayers filing jointly with a federal adjusted income between $130,000 and $250,000. The deduction is limited to $2,500 of interest paid on student loans. This change applies to the taxable year in which the act takes effect and all subsequent years.

Establishes a personal income tax deduction for student loan interest for certain income levels.

The bill amends the tax law to allow a deduction for interest paid on student loans for individual taxpayers with a federal adjusted income between $65,000 and $125,000, and for married taxpayers filing jointly with a federal adjusted income between $130,000 and $250,000. The deduction is limited to $2,500 of interest paid on student loans. This change applies to the taxable year in which the act takes effect and all subsequent years.