The proposed bill, General Assembly Proposed Bill No. 5131, aims to amend chapter 229 of the general statutes to introduce a personal income tax deduction for taxpayers. Specifically, it allows for a deduction of up to ten thousand dollars for the principal and interest paid on postsecondary education loans during a taxable year. This initiative is designed to alleviate the financial burden of student loan debt on individuals by providing a tax incentive.

The bill does not include any deletions from current law but focuses solely on the insertion of the new tax deduction provision. The intent behind this legislation is to support taxpayers who are managing the costs associated with postsecondary education, thereby promoting higher education accessibility and financial relief for borrowers.