The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Curry Lann.
DIGEST
SB 56 Original 2021 Regular Session Carter
Proposed law authorizes an individual income tax credit for the actual amount of the student loan
payments made by the taxpayer during the taxable year, or $1,000, whichever is less.
Proposed law authorizes taxpayers who have incurred student loan debt in their name and who have
made payments on the loan to claim the credit.
Proposed law authorizes joint return filers that have both made payments on student loan debt to
each claim the credit.
Proposed law defines "student loan" as a federally-guaranteed or state-guaranteed loan for the
purposes of postsecondary education.
Proposed law authorizes a refund for the portion of the credit that exceeds the taxpayer's income tax
liability.
Proposed law authorizes the secretary of revenue to issue regulations, forms, and instructions that
may include documentation requirements necessary to determine a taxpayer's eligibility for the
credit.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 47:297.16)