Create a deduction for student loan repayments

· Mar. 9, 2015, 6:44 pm
Photo: Tabor impact $9.32

This article is part of our look at potential refunds from the Taxpayer's Bill of Rights. Learn more about how TABOR works here. 

Title: SB15-068 Higher Ed Lower Debt Act

Sponsors: Sen. Matt Jones (D-Louisville), Rep. Dominick Moreno (D-Commerce City)

Status: Introduced and assigned to the Senate State, Veterans & Military Affairs Committee on Jan. 14. The Senate State, Veterans & Military Affairs Committee killed the bill on Feb. 2. 

What the bill would have done: This bill would have created a state income tax deduction for student loans payments beginning in tax year 2016. The deduction would have been equal to the principal and interest paid by a taxpayer, minus any federal deductions. 

How it would have affected your refund: This bill would have reduced the average taxpayer refund by $9.32 in fiscal year 2015-16. 

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