PRINTER'S NO. 680
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
607
Session of
2015
INTRODUCED BY O'BRIEN, DRISCOLL, YOUNGBLOOD, CARROLL, BISHOP,
V. BROWN, COHEN, D. COSTA, FARINA, KINSEY, KIRKLAND, KORTZ,
KOTIK, McNEILL, MURT, READSHAW, SAMUELSON, SCHREIBER,
SCHWEYER, SIMS, THOMAS AND DONATUCCI, FEBRUARY 24, 2015
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 24, 2015
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in personal income tax, providing for income tax
credit for interest paid on student loans.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of March 4, 1971 (P.L.6, No.2), known as
the Tax Reform Code of 1971, is amended by adding a section to
read:
Section 314.1. Income Tax Credit for Interest Paid on
Student Loans.--(a) A resident taxpayer before allowance of any
credit under section 312 shall be allowed a credit for student
loan interest against the tax otherwise due under this article
for the amount of any income tax, wage tax or tax on or measured
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