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1.425 -Student Loan Interest Deduction (allowed Federally or by Massachusetts)

Item	Description	FY2013	FY2014	FY2015	FY2016	FY2017
1.425	Student Loan Interest Deduction (allowed Federally or by Massachusetts) Massachusetts allows as an option the federal "interest on education loans" deduction. The federal deduction phases out based on modified AGI. As a result of the 2005 Code update, Massachusetts adopted the federal provision that temporarily repealed the 60 month limitation raised taxpayer income limitations through the end of 2010. Note that while these may be extended at the federal level, these increases sunset in Massachusetts at the end of 2010. Alternatively, Massachusetts allows a deduction of undergraduate student loan interest. Filers may only choose one of these deductions. Origin: M.G.L. c. 62, S. 2(d)(1) and I.R.C. S. 62(a)(17), 221. Estimate: $42.7	27.2	30.9	34.4	38.3	42.7

Key:

ORIGIN
IRC	Federal Internal Revenue Code (26 U.S.C.)
U.S.C	United States Code
M.G.L.	Massachusetts General Laws
Rev. Rul.; C.B.	Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES	All estimates are in $ millions.