This bill proposes to amend section 43-1042 of the Arizona Revised Statutes, which pertains to individual income tax. If enacted, it would introduce new provisions allowing taxpayers to deduct certain educational expenses from their taxable income. Specifically, for taxable years beginning after December 31, 2024, taxpayers would be permitted to deduct amounts paid for tuition to various postsecondary educational institutions and for student loan repayments.

The current statute remains unchanged, but the bill adds these deductions as additional itemized deductions, thereby providing financial relief to taxpayers who are pursuing higher education or repaying student loans. This change aims to support individuals in managing their educational costs and debt.

Statutes affected:
Introduced Version: 43-1042