SLS 11RS-252 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2011
SENATE BILL NO. 177
BY SENATOR HEITMEIER
TAX/INCOME/PERSONAL . Grants a non-refundable income tax credit for 10% of the
deduction from gross income taken by a taxpayer on his federal income tax return for
interest paid on a loan for higher education expenses. (gov sig)
AN ACT1
To enact R.S. 47:297.13, relative to individual income tax; to provide a credit for interest2
paid on certain education loans which pay higher education expenses; and to provide3
for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 47:297.13 is hereby enacted to read as follows: 6
ยง297.13. Tax credit; interest paid on higher education loans7
A. There shall be credit against individual income tax due under this8
Part in an amount equal to ten percent of the adjustment to gross income9
properly taken by a resident taxpayer on his federal income tax return for the10
same tax period for interest paid by the resident taxpayer, or paid on behalf of11
a resident spouse or dependent, during that tax period for a qualified education12
loan incurred to pay qualified higher education expenses as provided for in13
Internal Revenue Code Section 221(b)(1).14
B. The credit provided for in this Section shall not be allowed to a15
taxpayer if he, or the spouse or dependent for whom the credit is taken, is not16
a resident of the state of Louisiana for the tax period for which the credit is17 SB NO. 177
SLS 11RS-252 ORIGINAL
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
taken.1
Section 2. The provisions of this Act shall be applicable to tax years beginning on2
and after January 1, 2011.3
Section 3. This Act shall become effective upon signature by the governor or, if not4
signed by the governor, upon expiration of the time for bills to become law without signature5
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If6
vetoed by the governor and subsequently approved by the legislature, this Act shall become7
effective on the day following such approval.8
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Riley Boudreaux.
DIGEST
Proposed law grants a refundable credit against individual income tax in an amount equal
to 10% of the deduction from gross income properly taken by a resident taxpayer on his
federal income tax return for the same tax period for interest paid by the resident taxpayer,
or paid on behalf of a resident spouse or dependent, during that tax period for a qualified
education loan incurred to pay qualified higher education expenses.
Proposed law specifically prohibits the credit to a taxpayer if he, or the spouse or dependent
for whom the credit is taken, is not a resident of the state of Louisiana for the tax period for
which the credit is taken.
Applicable to tax years beginning on and after January 1, 2011.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R. S. 47:297.13)