Word: deductionism
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Dates: during 1990-1999
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The idea of a full tax deduction had been proposed in the state legislature three times before but met objections to its $14 to $16 million cost, Jacques said.
Originally, the program was to offer an additional deduction on state income tax to make up for the interest that was not deductible from federal income taxes.
Offering a full deduction on student loans will keep more college-educated in the state after they graduate, said the sponsor of the budget provision, state senator Cheryl A. Jacques (D-Norfolk, Bristol and Middlesex).
Harvard student Eric S. Olney '98, who, as an undergraduate testified before the Senate Ways and Means committee in support of the deduction, said he agrees it will influence students to stay in Massachusetts.
State Representative. Brian Knuuttila (D-Worcester and Middlesex), who sponsored the measure in the state House of Representatives, said the deduction is important for families who have more than two children and take out loans.