AN ACT ESTABLISHING A CREDIT AGAINST THE PERSONAL INCOME TAX FOR INTEREST PAID ON STUDENT LOANS.

HB 5032 creates a tax credit of up to $1,000 against personal income tax for individuals who pay interest on student loans. This credit directly affects taxpayers who have student loan debt and pay interest on it during the tax year. The bill establishes this credit by amending tax code to allow eligible filers to reduce their tax liability by the credit amount. It does not change tax rates or provide direct financial assistance, only reducing the tax owed for this specific expense.