Relating to income tax subtractions for student loan payments; prescribing an effective date.

Allows personal income and corporate excise taxpayers to subtract from taxable income amounts paid as principal and interest on qualified education loans, if borrower is taxpayer or spouse, dependent or employee of taxpayer. Reduces amount of allowed subtraction by amounts of interest deducted on federal return. Applies to loan payments made in tax years beginning on or after January 1, 2023, and before January 1, 2029. Takes effect on 91st day following adjournment sine die.