This bill proposes to amend section 43-1042 of the Arizona Revised Statutes, specifically updating the provisions related to individual income tax. Under the new law, starting from taxable years after December 31, 2024, taxpayers will be allowed to deduct additional expenses from their taxable income.

The new deductions include amounts paid for tuition to various educational institutions, such as public, nonprofit, or private colleges and universities, as well as community colleges. Additionally, taxpayers will be able to deduct amounts related to student loan repayments. These insertions aim to provide financial relief to individuals pursuing higher education and managing student debt.

Statutes affected:
Introduced Version: 43-1042