The proposed bill, General Assembly Proposed Bill No. 5054, aims to amend chapter 229 of the general statutes to introduce a personal income tax deduction for taxpayers who make student loan payments. Specifically, the bill establishes a deduction of up to one thousand dollars for these payments made during a taxable year.

This initiative is designed to provide financial relief to individuals burdened by student loan debt, thereby encouraging timely repayment and supporting taxpayers in managing their financial obligations. The bill does not include any deletions from current law, focusing solely on the new insertion of the tax deduction provision.