Bill Text: OR HB3436 | 2011 | Regular Session | Introduced

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Bill Title: Relating to income tax subtractions for student loan interest; prescribing an effective date.

Spectrum: Bipartisan Bill

Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB3436 Detail]

Download: Oregon-2011-HB3436-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 3207

                         House Bill 3436

Sponsored by Representative SHEEHAN; Representative DEMBROW

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Allows personal income taxpayers to subtract amounts paid as
interest on qualified education loans from taxable income.
  Applies to interest paid in tax years beginning on or after
January 1, 2011, and before January 1, 2022.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to income tax subtractions for student loan interest;
  and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of ORS chapter 316. + }
  SECTION 2.  { + (1) In computing Oregon taxable income for
purposes of this chapter, there shall be subtracted from federal
taxable income an amount equal to the interest paid by a taxpayer
during the tax year on any qualified education loan, not to
exceed $20,000.
  (2) In computing Oregon taxable income for purposes of this
chapter, there shall be added to federal taxable income an amount
equal to any deduction allowed the taxpayer for the tax year
under section 221 of the Internal Revenue Code. + }
  SECTION 3.  { + Section 2 of this 2011 Act applies to interest
paid in tax years beginning on or after January 1, 2011, and
before January 1, 2022. + }
  SECTION 4.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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